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Eger és Vidéke’s defense of contract changes rejected

Issues

The Budapest Municipal Court rejected the defense of savings cooperative Eger és Vidéke Takarékszövetkezet of changes it made to borrowers' contracts in a first instance ruling on Monday.

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.

The court earlier suspended the case and turned it to the Constitutional Court. The Constitutional Court decided, however, on November 11 that the summer legislation did not go against the fundamental law.

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