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Appeals of contract defense rulings to wind up

In Hungary

Appeals of rulings on banks' defense of unilateral changes to contracts should wind up by the middle of November, Justice Minister László Trocsányi told journalists yesterday. Under legislation approved in the summer, lenders must refund clients for making unilateral changes to contracts unless they can successfully defend the practice in court.

Oversight procedures will be completed by the Curia, Hungary's supreme court, by the end of this year or mid-January at the latest, Trocsányi said. Settlement of refunds owed to all borrowers should take place by November of next year, he added. Speaking at the same press conference, Antal Rogán, parliamentary group leader of governing Fidesz said party MPs would discuss the draft of a law on a "fair banking system" as well as the conversion of FX loans to forint-based loans in November

The justice ministry has started preparing draft regulations on the fair banking system which will be modelled on the example of Germany, and Fidesz experts will take part in the preparations, he added. Fidesz is committed to plans that no foreign currency loans can remain in the hands of retail borrowers in Hungary, "the forint conversion must be pushed through", Rogán said.

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