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Hungary: Erste bank challenges foreign currency cartel fines

 |  December 1, 2013

Hungary’s Erste said it is seeking a court review of a recent fine imposed on several banks for their alleged participation in a foreign currency cartel as it continues to deny the charges.

Erste, along with 10 other banks, was fined by antitrust regulator GVH for forming a cartel in a repayment scheme affecting foreign currency mortgage holders, reports say.

Erste denies allegations that it aligned operations with the other banks or shared market sensitive information.

A statement released by the bank last Friday slammed the competition regulator’s ruling as “unfounded.”

Full Content: Reuters

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