Hungary’s competition watchdog has fined a group of banks more than 32 million euros for operating a cartel during a state-imposed scheme to help holders of disastrous foreign-currency mortgages.<br /><br />Many people swapped their costly foreign-currency debt for new forint loans under the scheme, which inflicted huge losses on the country’s mostly foreign-owned commercial banks.<br /><br />However, the GVH watchdog said the 11 banks in question had illegally colluded to restrict the availability of refinancing loans to reduce the scale of mortgage repayments under the scheme.
