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Raiffeisen Bank Is Committed to Hungary, Stepic Tells Napi

Dec. 13 (Bloomberg) -- Raiffeisen Bank International AG is committed to staying in Hungary even as its activities there “cause a lot of discomfiture and cost a lot of money,” Chief Executive Officer Herbert Stepic told Napi Gazdasag in an interview.

“The protracted slowdown of the economy, the excessive bank tax, the mortgage repayment plan that goes against European Union practices and norms, and the extra burden placed on banks, have a very negative impact on the Hungarian environment,” Stepic said in the interview, published today.

Hungarian lawmakers passed legislation in September allowing repayment of mortgages denominated in euros and Swiss francs at almost 30 percent below market rates, forcing lenders to take losses.

Banks will continue to contest the repayment plan and demand compensation for losses incurred at both national and international level, Napi cited Stepic as saying.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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