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Court rejects contract defense of 12 lenders on Tuesday

Issues

The Municipal Court of Budapest yesterday rejected the defense of 12 lenders to changes they made to borrowers' contracts.

The 12 lenders were: Aegon Magyarorsáag Hitel; Budapest Autofinanszirozasi; Credit House Magyarország Ingatlanfinanszírozási; Erste Lakáslízing; Kinizsi Bank; Lombard Ingatlan; Lombard Pénzügyi és Lízing; Örkényi Takarékszövetkezet; Porsche Bank; Sberbank Magyarország; UniCredit Leasing; and UniCredit Leasing Immotruck.

Under borrowers' relief legislation approved this summer, banks were ordered to refund clients unless they could convince the courts that the modifications were fair.

Of the more than 30 rulings the court has made in cases defending unilateral contract changes so far, just three have been in favour of banks, albeit only partially. In cases involving four lenders, the matter was referred to the Constitutional Court.

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