Court postpones decision on Merkantil Bank's contract case

Issues

The Budapest Municipal Court postponed a ruling on Merkantil Bank's loan contracts until September 24 at a hearing today, Hungarian news agency MTI reported.

The court also rejected the bank's request to suspend the case and turn to the Constitutional Court and the European Court of Justice on the matter.

Merkantil's first submission was rejected by the court for formal reasons and the bank resubmitted its case in September.

Merkantil Bank is a member of the OTP Bank group.

Under legislation approved in the summer, Hungarian banks must compensate borrowers for unilateral changes made to loan contracts unless they can successfully defend the practice in court. The court is expected to rule on dozens of defense cases in a relatively narrow timeframe.

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