Statement: Proposed lowering of Hungarian rate cap

RNS Number : 0769O

International Personal Finance Plc

12 September 2011

 



12 September 2011

International Personal Finance plc ("IPF")

Proposed lowering of the Hungarian rate cap to 30% APR

Earlier today, in a speech to the Hungarian parliament, Prime Minister Orban suggested that his government may propose legislation to limit the APR on consumer loans to no more than 30%. We are seeking clarification of the intentions of the Hungarian government.

At this stage, it is not possible to estimate the impact, if any, enactment of this proposal might have on IPF's Hungarian business.

IPF's Hungarian business, in 2010 reported pretax profit of £9.1 million. Its loans have a typical APR of 65%.

We will continue to review the position and a further announcement will be made as appropriate.

For further information contact:

Finsbury James Leviton	[phone]
Victoria Richmond (Media)	[phone]

 

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