The Hungarian Competition Authority accepts commitments by the largest commercial banks to terminate the possible anti-competitive effect of the augmented repayment fee (OTP Bank)

The reason the GVH has initiated proceedings against OTP Bank was because OTP Bank unilaterally raised its repayment fee, charged in case of early repayment of the total amount of the personal credit or the mortgage, by 600%. The case ended with commitments undertaken by OTP Bank. 1 Undertaking involved OTP Bank (Országos Takarékpénztár és Kereskedelmi Bank Nyrt.) is the largest commercial bank in Hungary. 2 Proceedings, applicable law Proceedings were initiated in August 2005 under Art. 21(a) of the Hungarian Competition Act (Act n. 57 of 1996). According to this provision “[i]t shall be prohibited to abuse a dominant position, particularly: (a) in business relations, including the application of standard contractual terms, to set unfair purchase or selling prices or to stipulate in any

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Bálint Bassola, The Hungarian Competition Authority accepts commitments by the largest commercial banks to terminate the possible anti-competitive effect of the augmented repayment fee (OTP Bank), 12 July 2007, e-Competitions July 2007, Art. N° 14002

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