Bloomberg News

Hungary Lenders Say Probe Timing May Undermine FX Loan Deal

November 23, 2011

Nov. 23 (Bloomberg) -- Hungary’s timing of an investigation of local lenders as well as planned new legislations may undermine cooperation between the government and banks on a joint solution to the country’s foreign currency mortgage woes, Daniel Gyuris, vice president of the Banking Association, said in an e-mail.

“Planned new legislation and an investigation with overtones for communication purposes fundamentally put into question the commitment to reach an agreement,” Gyuris said.

Hungary’s Competition Authority announced today it is investigating possible cartel activity on the household mortgage market by seven banks.

To contact the editor responsible for this story: Zoltan Simon at zsimon@bloomberg.net


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