Raiffeisen: FX-loan law will cost their bank €120-€160 mln

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Raiffeisen Bank International (RBI) announced yesterday that the recently approved borrowers’ relief legislation in Hungary would cost Raiffeisen banks in this country from €120-€160 mln.

The legislation will require banks to compensate borrowers for losses incurred on foreign-currency based loans, which became very expensive after the value of the forint dropped. 

A National Bank of Hungary deputy governor said earlier that the borrowers' relief legislation could cost the financial system HUF 600bn-900bn.

RBI said its own estimate of losses does not include costs related to the potential future conversion of foreign currency loans to Hungarian forints.

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