News

Members of the Parliament’s draft amendments to the Banking Law Act

On 20th February 2015 Members of the Parliament’s draft amendments to the Act - Banking Law and the Consumer Credit Act was placed.

The draft primarily relates to ensure that borrowers shall bear rate risk not higher than 30% compared to the exchange rate from the day the credit was incurred. Moreover, it is proposed to introduce regulations that shall prohibit banks from reducing the credit amount or terminating the consumer credit agreement due to the loss of creditworthiness, if the bank’s receivables is at least partially secured by mortgage, and credit has already been paid out.

On 11th March 2015 the draft was submitted to consultation.

 Top of page