The Hungarian Competition imposes fines on 11 financial institutions due to their concerted practice aimed at limiting the full prepayment of foreign currency loans (Budapest Bank)

9,5 billion HUF fine in the "full prepayment loan banking case"* The Gazdas√°gi Versenyhivatal (GVH, the Hungarian Competition Authority) in its decision delivered on 19 November 2013 imposed a fine of 9.488.200.000 (cca 31,6 million Euro) on 11 financial institutions due to their concerted practice aimed at limiting the full prepayment of foreign currency loans. In its proceeding initiated on 23 November 2011, the GVH found that the undertakings under investigation had violated the Competition Act by coordinating their strategies between 15 September 2011 and 30 January 2012 through the exchange of information qualified as a business secret in order to reduce the full prepayment of foreign currency based mortgages on fixed exchange rates by limiting access to loans which would have

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Hungarian Competition Authority, The Hungarian Competition imposes fines on 11 financial institutions due to their concerted practice aimed at limiting the full prepayment of foreign currency loans (Budapest Bank), 19 November 2013, e-Competitions Bulletin November 2013, Art. N° 60737

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