Hungary: Customers Fleeced by Banks

People ♦ Published: February 26, 2014; 11:31 ♦ (Vindobona)

For the first time in three years Hungarian commercial banks have returned to profitability. However, extra cost, caused by political circumstances, was passed on to clients.

Hungary: Customers Fleeced by Banks / Picture: ©

The Hungarian commercial banks, which have suffered from the policies of acting Prime Minister Viktor Orban in the past, returned to profitability last year. The central bank (MNB) also stated that banks have managed to pass the costs, caused by the governmental intervention, on to their clients. In 2012, the banks made a collective loss of HUF 173,5bn (approx. € 560m). The year…