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RBI sees Hungarian forex law cost up to 160 mln euros
July 10, 2014 / 6:17 AM / 3 years ago

RBI sees Hungarian forex law cost up to 160 mln euros

VIENNA, July 10 (Reuters) - Raiffeisen Bank International said it would take a charge of 120 to 160 million euros ($164 to $218 million) as a result of new legislation in Hungary requiring banks to compensate customers who took out foreign-exchange loans.

“RBI estimates that this development could result in a one off charge, including penalties, of between EUR 120 mn and EUR 160 mn, expected to be spread across Q2 and Q3 2014,” the bank said in a statement late on Wednesday.

“Income statement allocation of the charge is currently being clarified.” ($1 = 0.7331 Euros) (Reporting by Georgina Prodhan. Editing by Jane Merriman)

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