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GVH fines Elektro Computer, banks Ft 170 mln

The Competition Office (GVH) announced on Monday it fined Elektro Computer, Budapest Bank, Credigen Bank and Magyar Cetelem a combined Ft 170 million for advertising “free loans” at Elektro Pont electronics stores.

GVH said the loans came with restrictions and were only available for amounts determined by the banks. GHV fined Elektro Computer Ft 105 million, Budapest Bank Ft 36 million, Credigen Bank Ft 2 million and Magyar Cetelem Bank Ft 25 million. Elektro Computer, Budapest Bank and Magyar Cetelem Bank paid more because they are repeat offenders. GVH said the banks had been fined because they also advertised the loans along with Elektro Computer.