Court rejects OTP contract defense in appealable ruling

Issues

The Budapest Municipal Court on Monday rejected a contract defense by OTP Bank and its mortgage unit, according to Hungarian news agency MTI. 

Under borrowers' 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. More than 20 lenders are now defending changes they made to forint loan contracts.

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