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Hungary: Bank law package presented

At the government spokespersons’ press conference on Monday, Prime Minister’s commissioner Gyula Gaál presented a package of proposals aimed at improving household banking services.

Gaál is in charge of whatever the government is to do about these improvements. The proposals include that there should be introduced a full-scope register of all the household loans, it should be made possible to redeem a loan and easier to switch to another bank, and the costs of unilateral modification of the contract should be lowered. Also, loan sharking should be regulated. Usurious interest would be defined in legal terms and the budget law would set the upper limit of lawful interests every year, either in absolute value or in relation to the base rate. The Banking Alliance definitely supports the proposals because a more transparent market is good for the banks, too, Gaál said. The cabinet has not approved the proposals yet but will soon discuss them. (Gazdaság Rádió, Napi Gazdaság)