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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