As part of the forex loan compensation law, a moratorium on raising rates or fees will be introduced until April 30, 2016, he said. Rogán said the bill would be submitted to parliament on Friday and the vote held on Sept 24.
The 400 lenders affected will have to calculate the compensation for all foreign currency and forint loans taken out by some 1.3 million households. This will involve around 680,000 FX loan contracts and 650,000 forint ones, he added.
The refunds will first be calculated for forex loans, he said, with various deadlines set for the settlement before the end of February. According to a central bank estimate, the compensation will cost banks a combined EUR 3 billion. The central bank will determine the formula to be used by banks for the calculation of refunds, Rogán said.
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