Kúria may not give decision on fx loans today

Issues

The Kúria, Hungary’s supreme court, has announced a press conference scheduled for noon CET today; many are expecting the court to announce some guidance on legal questions surrounding outstanding forex-based loans, but Kúria director Péter Darák has warned that neither today’s meeting nor press conference will “necessarily produce a stand on the matter.”

Darák explained on Friday that today’s meeting merely means that the court has begun talks on a legal uniformity procedure to handle a reported 2,000 lawsuits, and that an economic study would not be released by the Kúria.

The legal uniformity procedure was launched by the Kúria late last month; the motion before the court seeks to determine, among other considerations, whether forex-based loans are to be treated legally as foreign currency loans or forint loans, and on the validity of any of the forex-based loan contracts made in Hungary.

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