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PSZÁF fines CIB Bank for unilateral changes to loan contracts

Hungarian financial market regulator PSZÁF on Monday said it fined CIB Bank HUF 6.5 million for making a single unilateral change to a mortgage loan contract that went against regulations.

CIB Bank was the only bank fined of eleven that PSZÁF reviewed for possible deviations from the rules for unilateral modifications to lending contracts. The other banks reviewed included Budapest Bank, Citibank, Erste Bank, MKB Bank, Unicredit Bank, Volksbank, K and H Bank, FHB Bank, OTP Bank and Raiffeisen Bank.

Amendments to the law on credit institutions limiting unilateral changes to lending contracts will come into force on August 1, 2009. (MTI-ECONEWS)