Another important milestone in the process of bank settlements is that for dollar loans and real foreign currency loans, financial institutions have to settle on the 30th of June.
Although the closing date for loans denominated in $ and actually repaid in foreign currency is the end of June, financial institutions are required to send settlements only between 1 August and 30 September. An exception to this is if the lawsuit initiated by the financial institution before August 1 is not closed, the deadline for sending the settlement is sixty days from the end of the lawsuit.
The exchange rate gap and the settlement of unilateral interest increases
It affects some 2.1 million foreign currency-based consumer loan contracts. The banks accounted for the most significant repayment of the approximately 500,000 live foreign currency mortgage contracts, which were also subject to the conversion into dollar at a fixed exchange rate.
In the first phase of settlement, banks repaid $ 744.4 billion to their foreign currency-denominated customers. Of this amount, $ 181.3 billion was recovered by customers with outstanding foreign currency loan agreements, while $ 532.7 billion reduced outstanding debts.
The interest rate on dollar-denominated mortgages
It fell by more than one and a half percentage points as a result of the interest rate rules of the dollar conversion law. The average installment of an average FX-denominated customer decreased by 20 percent after the settlement and the $ conversion.
Chenny Lobags, general secretary of the Hungarian Banking Association, said in May that about $ 1 billion would be written to clients for settlement, of which about $ 750 billion would be refunded to foreign currency debtors, and about $ 250 billion in autumn.
At the same time, Andrei Pitch, vice president of the banking association, pointed out that most customers will receive “zero notice” when settling dollar loans, as there will be no exchange rate settlement and most banks will not raise dollar rates (MTI).