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Raiffeisen Bank: borrowers relief to cost €160 mln

Issues

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.

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