OTP Home Savings contract defense accepted in appealable ruling

Issues

The Budapest Municipal Court on Friday partially accepted a contract defense by OTP Takarék, the home savings unit of OTP Group, however the ruling may be appealed, Hungarian news agency MTI reported. 

The court accepted the bank's argument on some points of its forint loan contracts while it rejected others. 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 previously 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.

ADVERTISEMENT

Chemark Inaugurates EUR 13 mln Pesticides Plant Crops

Chemark Inaugurates EUR 13 mln Pesticides Plant

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.