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Report: Lenders to settle compensation with forint, FX borrowers from Aug 1

MNB

Hungarian lenders will carry out the settlement of compensation for clients with forint and foreign currency loans due under borrowers relief legislation, between August 1 and September 30, Hungarian news agency MTI reported today.

Lenders have been obligated to compensate their clients for making unilateral changes to contracts. Compensation for borrowers with foreign currency-denominated loans was settled previously.

The National Bank of Hungary (MNB) said earlier that some 3.5 million forint loan borrowers and about 16,900 borrowers with FX loans would be affected by the settlement of the compensation.

OTP Bank, Hungaryʼs largest commercial lender, has HUF 1.2 mln in loan contracts that are affected by the settlement, deputy-CEO Antal Kovács told MTI. Only about 240,000 of the contracts have not yet been repaid, he added.

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