PSzÁF bans Erste Bank early FX repayment application form

Competition

The Hungarian Financial Supervisory Authority (PSzÁF) has prohibited Erste Bank Hungary from using its application form for participation in an early FX mortgage repayment scheme as the form could infringe the law on the prohibition of unfair business practices, PSzÁF told MTI on Wednesday.

Erste Bank Hungary has acknowledged the resolution and said it immediately corrected the contents of the form.

PSzÁF has established that the request form applied by Erste Bank Hungary contains the following clause: "The claim (to avail of the early lump sum repayment opportunity) can be submitted only once by December 30, 2011!"

The regulations stipulate that consumers have the opportunity to announce their intention for early repayment at a discounted fixed exchange rate by December 30. The law, however, does not set a condition under which consumers can only apply for early repayment only once, PSzÁF said.

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

19,000 young jobseekers hired in expanded subsidy program Government

19,000 young jobseekers hired in expanded subsidy program

Manager screenings - not just for managers Interview

Manager screenings - not just for managers

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.