Court rejects contract defense of 12 lenders on Tuesday
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.