Raiffeisen Bank: borrowers relief to cost €160 mln
Raiffeisen Bank expects to have to pay out €120-160 mln to compensate borrowers because of the new law on FX loans, the lender told Hungarian news agency MTI late yesterday.
The law will make banks pay borrowers who were hurt when the repayment costs of their foreign currency loans skyrocketed due to the dwindling value of the forint after the 2008 financial crisis.
The law also forces banks to compensate borrowers in cases of unilateral changes to the terms of loans – unless those loans are successfully defended in court. Raiffeisen Bank said it would go to court to prevent payouts on unilateral loan changes.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.