MNB in consultation with banking association on settlement decrees


The National Bank of Hungary (MNB) is consulting banks regarding the decrees on the settlement of refunds to retail borrowers, MNB Director Balázs Vonnák told Hungarian news agency MTI.

The settlement law was passed late September after Parliament approved borrowers' relief legislation in the summer requiring lenders to pay refunds for using exchange rate margins when calculating repayments on foreign currency-denominated loans and for making unilateral changes to both FX and forint loan contracts.

The main principles of the settlement, with excess payment paid by borrowers considered as advance principal repayment, have been set in the law.

But specific cases require complex regulation that is why the MNB has been consulting the association, Vonnák said, noting that banks will have extensive knowledge of the methodology by the time the decree takes effect as a result.

The first MNB decree will take effect at the beginning of November after the law on settlement itself takes effect on November 1, Vonnák said confirming an earlier press report.

There will be one basic decree while the specific cases will be handled in separate decrees.


Greece, Bulgaria, Romania, Hungary Agree to Nat Gas Vertical... Energy Trade

Greece, Bulgaria, Romania, Hungary Agree to Nat Gas Vertical...

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Home Loan Rates Climb Over 10% Residential

Home Loan Rates Climb Over 10%

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.