Appeals court rejects Merkantil Bank, Merkantil Car contract defense

Issues

The Budapest Municipal Court of Appeals on Friday upheld a first-instance ruling rejecting a contract defense by Merkantil Váltó és Vagyonkezelő Bank and Merkantil Car Gépjármű Lízing. The appeals court also rejected the lendersʼ request to initiate a procedure with the European Court of Justice.

Under borrowersʼ relief legislation approved last year, lenders must refund clients for unilateral changes to contracts if they cannot successfully defend the practice in court. A number of lenders earlier defended such changes to foreign currency-denominated retail loan contracts, but none enjoyed a ruling fully in their favour.

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