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Áder signs law on FX loan repayments

MNB

Less than two weeks after the bill was passed by Parliament regarding banks having to settle with their clients the exchange rate spread overpayments and overpayments due to unilateral changes on loan contracts, János Áder signed off on the legislation.

The new law, which requires banks to carry all costs in the settlement with their clients, is expected to cost the banking sector HUF 100 bln, according to estimates by Antal Rogán. The basis of the settlement will be determined by MNB. Also, under the law, new forint consumer loans could carry a fixed interest rate for three or five years, or a fixed spread in addition to the Budapest interbank rate. The majority of this new legislation will take effect from November.

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