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Appeals court rejects Raiffeisenʼs contract defenses

Issues

The Budapest Municipal Court of Appeals on Wednesday upheld a first-instance ruling rejecting contract defenses by Raiffeisen Bank and its leasing unit. The case related to the bankʼs regulations on unilateral changes to forint loan contracts.

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 favor.


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