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Nine of 35 banks to contest National Bank fines

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Nine lenders, among them Raiffeisen Bank, Erste Bank Hungary and FHB Commercial Bank, are contesting fines by the National Bank of Hungary (MNB) levied for illegally raising client fees, local business news outlet Napi Gazdaság reported this morning.

In its role as financial market regulator, MNB announced in March the fining of 35 banks a combined HUF 1.2 billion for illegally raising fees and ordered full refunds – estimated to be up to HUF 10 billion altogether – for customers

Among the nine institutions contesting MNB’s decision are two of the three alleged largest-scale offenders, Raiffeisen (hit with a HUF 98 million fine) and FHB (fined HUF 95 million). The third institution penalized to the tune of HUF 90 million plus, MKB Bank, last week stated its fine would not be contested. An official statement from MKB nevertheless affirm that “the bank still believes it acted within the bounds of the law,” arguing that MKB “had passed on the cost of the financial transaction duty to clients, as allowed by law, in the most transparent manner possible.” MKB clients were to be refunded by April 30.

Others contesting the fine include the DRB South Transdanubia Regional Bank; Erste Bank Hungary; Fontana Credit Savings Cooperative Hévíz and Environs Savings Cooperative; Mohácsi Savings Bank; Szabolcs Savings Cooperative; and Tisza Savings Cooperative.

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