GVH Slaps Banks In Hungary With Record Fine
- 21 Nov 2013 8:00 AM
The Competition Office (GVH) has fined 11 banks a total of Ft 9.5 billion – the largest penalty ever imposed in Hungary in a cartel case – after finding that the lenders colluded to obstruct access to forint loans for those taking part in the early debt repayment plan for foreign-currency mortgage debtors.
The competition watchdog found evidence that banks co-ordinated their strategy and shared confidential business information between October 2011 and January 2012, after the government announced the scheme to allow borrowers to pay off their foreign-currency debt in a lump sum at below market rates.
OTP and other banks denied the allegation, and said they will challenge the ruling in court.
Source: Hungary Around the Clock
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