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MNB Fines Lenders for Early Repayment Compliance Shortfalls

MNB

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The National Bank of Hungary (MNB) has fined four lenders a combined HUF 27 million for failure to fully comply with rules on early repayments by retail borrowers, the central bank and market watchdog said on Monday, according to a report by state news wire MTI.

Erste Bank Hungary, MBH Bank, Takarékbank and Takarék Mortgage Bank were fined for the violations because of the scale of their client numbers and "significant problems" in a review of practices related to early repayment of retail credit.

MNB scrutinized 16 lenders in the targeted probe and found just two of them were in full compliance with rules such as one requiring banks to respond to requests regarding early repayment within five work days.

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