FX law proposal refined; vote expected today

MNB

Banks will not be able to make unilateral changes to the interest rates or fees of retail loans unless a court ruling regards it to be in line with the general contract terms, under the latest changes planned for the proposed FX loan bill, which was submitted to the Parliament yesterday. A decision on the law is expected today.

Under the proposed amendment, the FX law would not apply either to debtors who had paid back their loans through an earlier government scheme or to ones who received assistance from the National Asset Manager in repaying their debt.

The law, expected to be passed by the parliament by the end of the week at the latest, will stipulate that lawsuits and foreclosure proceedings shall be suspended until the end of the year, according to reports. The law is to apply to loans signed on or after January 1, 2004.

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