Update on proposed Hungarian legislation

RNS Number : 5250R

International Personal Finance Plc

04 November 2011

 



4 November 2011

International Personal Finance plc ("IPF")

Update on proposed Hungarian legislation

We announced on 12 September 2011 that Prime Minister Orban had suggested that the Hungarian government might propose legislation to limit the APR on consumer loans to no more than 30%.  Draft legislation has now been published which would set a maximum APR for unsecured consumer loans at 24% above the Hungarian base rate, which is currently 6%.

The draft legislation will in due course be debated, and potentially modified, by the Hungarian Parliament and is scheduled to become effective for loans issued on or after 1 January 2012.

The impact on our Hungarian business will not be clear until the legislation is finalised and we will make a further announcement at that time.

For further information contact:

Finsbury

James Leviton                                 [phone]

John Mitra (Media)                         [phone]

 

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