“The central bank estimated that Hungarian banks will have to pay a total compensation of about $3.94 billion. The bill will require banks to compensate borrowers who took out loans for banks’ unilateral increases in interest rates and fees over the past 10 years. It also requires banks to return to borrowers of foreign-currency loans dating back to 2004, the gains made from foreign-currency conversions, most of which were in Swiss francs, as the forint plunged against the Swiss currency at the height of the 2008 financial crisis. Hungary’s Banking Association said the legislation sets a precedent that could shake the foundation of private-law contracts and undermine their legal stability.”
http://online.wsj.com/articles/hungary-bill-to-require-banks-to-give-loan-refunds-1404504950
Tip Freedomwat.ch Staff with Bitcoin