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MNB publishes guidelines for banks on application of 'fair banking'

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The National Bank of Hungary (MNB) published guidelines on the main principles it expects banks to follow when applying the recently approved law on "fair banks", which locks in interest rates for loans under three years and requires lenders to use an indicator, approved by the MNB, to calculate rate changes for loans with longer terms, Hungarian news agency MTI reported today.

The guidelines specifically refer to an indicator on interest changes and another on interest spread changes, which must be prepared by banks, and the lawfulness of their practices must be reviewed by the central bank.

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