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CIB Bank: Borrowers’ relief to cost HUF 20 bln

Issues

CIB Bank has set aside HUF 20 bln in the first half of 2014 to pay for compensation that may be due to borrowers based on a new law that voids the use of exchange rate margins for foreign currency-denominated loans, the bank announced today.

CIB Bank added that it would defend the unilateral changes it made to contracts in court, so that compensation for the changes are “not known at the present”.

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