Court rules against UniCredit's loan defense

Issues

The Municipal Court of Budapest rejected UniCredit Bank Hungary's defense of changes it made to borrowers' contracts in a ruling yesterday.

The judge said that the court focused on transparency as the most important criteria for the fairness of contractual conditions, noting that it has to reject the defense if only one of the seven criteria set by law were not met.

The court rejected the bank's request to refer the case to the Constitutional Court or to ask an advance ruling procedure with the European Court of Justice.

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