Minister: ECJ could guide Kúria on forex loans


Hungary’s supreme court, the Kúria, was right in its decision to wait for the European Court of Justice (ECJ) to come up with a position on foreign currency-denominated loans before ruling on the subject, Hungarian Justice Minister Tibor Navracsics stated on commercial station HírTV yesterday.

Navracsics warned that the problem was broad and complex, and while a large number of people took out such loans between 2002 and 2010, resolution could not be expected overnight. He said that the loans in question were different, and legislation could only be passed if the overlaps were identified such as banks’ unilaterally changing loan contracts.

The parliamentary group of the ruling Fidesz party is working to resolve the problem, while the justice and economy ministries are providing support to their efforts, the minister said. He voiced hope that the issue would be closed before the end of the government cycle.

The Kúria ruled in December that forex-based bank loans were valid, but said it was waiting for the European court’s stand on questions regarding unilateral changes to loan contracts by banks as well as exchange rate margins.

Kúria director Péter Darák said at that time that the Kúria would be in a position to make a complete ruling once the ECJ had put its opinion on unclear issues concerning whether unilateral amendments of credit contracts were fair or not.

The chief advocate of the Luxembourg court is likely to form an opinion in February, while a final decision can be expected within three months.

Fidesz’s parliamentary caucus leader Antal Rogán urged the Kúria to take a decision on forex-based loans as soon as possible, without waiting for the ECJ to take a stand on related issues.


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