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Hungary: Banks’ alleged mortgage cartel to meet fate by year’s end

By  |  September 29, 2013

Regulators said they expect to close an investigation into several banks by the end of the year as their probe into allegations that lenders colluded to hike forint mortgage rates continues.

Hungary’s competition watchdog, GVH, is investigating whether several banks manipulated the mortgages in 2011 at a time when borrowers had the option to repay loans at discounted prices.

The probe was launched in November 2011.

Despite the hypothetical timeline, the GVH said that “no decision” has been reached in the investigation.

Lawyers representing the banks denied any cartel was formed.

Full Content: Reuters

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