Appeals court rejects Ersteʼs contract defenses

Issues

The Budapest Municipal Court of Appeals on Thursday upheld a first-instance ruling rejecting contract defenses by Erste Bank Hungary. The case is related to the bankʼs regulations on unilateral changes to forint loan contracts. 

The appeals court also rejected Ersteʼs request to the court to bring the case before the Constitutional Court and to initiate a preliminary ruling procedure with the European Court of Justice. Under borrowersʼ relief legislation approved last year, lenders must refund clients for unilateral changes to loan contracts if they cannot successfully defend the practice in court.

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