No complaint has yet been received by the National Bank of Hungary (MNB) regarding compliance with the law on the nullity of the exchange rate gap and the application of the official exchange rate of the central bank. The MNB itself conducts consumer protection investigations and takes action when violations occur, said István Binder, MNB’s spokesman for MTI.
The housing loans and financial leases concluded
Following the entry into force of the first foreign exchange credit default law on July 27, all credit institutions, including home, car and consumer loans, must apply the official exchange rate of the MNB when calculating installments.
He added that the only exception was the housing loans and financial leases concluded after November 27, 2010. (This was the time when the law regulating the MNB’s exchange rate came into force.)
It is possible that in the period immediately after the entry
At the same time, according to István Binder, it is possible that in the period immediately after the entry into force of the Foreign Currency Loan Act, some financial institutions were not able to apply the legal requirement in their IT systems, and for this reason.
It took some time for some financial institutions to switch to the new method of calculation, but the resulting surplus must, of course, be taken into account later in the settlement, and consumers should not therefore incur any additional cost, he stressed.
Customers find that their loan repayment installments are not calculated
István Binder also said that if customers find that their loan repayment installments are not calculated by the bank or leasing company at the exchange rate of the MNB, they should contact the financial institution.
If the complaint is rejected in a way that is legally unacceptable to the customer, it may submit a consumer protection petition to the National Bank of Hungary or, in the event of a contractual dispute, substantive or civil claim, request an alternative dispute resolution procedure added. (MTI)