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Hungary fines banks $5.3 mln for cost hikes
March 13, 2014 / 9:27 AM / 4 years ago

Hungary fines banks $5.3 mln for cost hikes

BUDAPEST, March 13 (Reuters) - Hungary’s central bank fined 35 banks and financial institutions a total 1.2 billion forints ($5.32 million) for unlawful hikes in fees and costs on Thursday and ordered them to reimburse their clients.

The central bank, which also performs financial supervisory functions, said the cost rises over a period from Jan. 1, 2012 to Dec. 31, 2013 breached the law in a number of aspects, such as a failure by banks to inform clients properly.

The regulator imposed the biggest fines on Hungary’s FHB Bank, Budapest Bank, Austria’s Erste Bank and Raiffeisen and MKB Bank, which received fines worth nearly 100 million forints each. ($1 = 225.56 Hungarian Forints) (Reporting by Gergely Szakacs; Editing by Erica Billingham)

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