Court postpones Sberbank loan contracts decision

Issues

The Budapest Municipal Court postponed a decision on contract changes by Russian-owned Sberbank until September 16 at a hearing yesterday.

The decision mirrored many others the court has taken in recent days involving lenders and their contracts with borrowers.

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 more than 50 attempts by banks to defend their contracts in a relatively narrow timeframe.

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