MKB: FX loan law to cost bank HUF 5.1 bln

Competition

The new law requiring banks to compensate borrowers for fluctuations in foreign exchange loans will cost MKB Bank an estimated HUF 5.1 bln, the bank announced today.

The law also requires banks to compensate borrowers for unilateral changes in loan contracts if those changes cannot be defended in court. MKB said that it would seek to legally defend any such changes to loans, so it cannot calculate how much it will have to pay for those loans.

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