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Hungarian bankers are understandably wary of intervention in their industry. Six years of punitive bank taxes, not to mention the prohibitively expensive conversion of all the country’s Swiss franc loans into forint in 2014, have left a legacy of mistrust between banks and policymakers.
So when central bank (MNB) officials said in February that they were planning measures to cut the cost of mortgages for Hungarian consumers, it caused consternation in the financial sector.
Many saw the announcement as a sign that the Hungarian authorities were unhappy with the recent recovery in bank profitability.
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