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Hungary: Banks Penalized for Lobbying

Published: November 20, 2013; 15:59 · (Vindobona)

The Hungarian competition authority GVH has imposed a penalty running in the millions on domestic and foreign banks.

Hungary: Banks Penalized for Lobbying / Picture: © Flickr

As reported by Reuters, the Hungarian competition authority GVH has imposed a penalty on eleven banks in the amount of HUF 9.5bn (around € 30m), as announced on Wednesday. The financial institutes are suspected of having operated a cartel during a repayment scheme for foreign currency loans two years ago offering exchange rates significantly below the market price. The GVH said the…

This article includes a total of 210 words.

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