Court rejects MKB defense of loan contracts

Issues

The Municipal Court of Budapest rejected MKB Bank's defense of changes it made to borrowers' contracts in a ruling today, Hungarian news agency MTI reported.

Under legislation approved in the summer, Hungarian banks must refund clients for unilateral modifications of contracts unless they can successfully defend the practice in court.

Earlier, the court rejected the bank's request to turn to the Constitutional Court and the European Court of Justice on the matter.

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