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mBank faces $1.6 million fine in Poland over negative interest failure on Swiss Franc loans

( January 18, 2016, 14:54 GMT | Official Statement) -- MLex Summary: Poland’s consumer watchdog has levied a 6.59 million zloty fine ($1.6 million) on mBank because it failed to appropriately take into account the negative interest rate on mortgage loans issued in Swiss Francs, meaning that customers were paying higher installments than they should. ING Bank Śląski was also under investigation for the same conduct, but it voluntarily agreed to change its practice. Neither decision is final and they may be appealed to the nation’s competition and consumer court SOKiK.Full statement follows in the Polish original:...

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