TakarékBank loses appeal in loan contract case

Issues

The Budapest Municipal Court of Appeals today upheld a ruling rejecting Magyar Takarékszövetkezeti Bank's defense of changes it made to loan contracts, Hungarian news agency MTI reported.

The lender, which acts as a "central bank" for the company's savings cooperatives, was among many to appeal first-instance rulings on loan contract modifications.

Legislation approved in the summer requires lenders to compensate retail clients for unilateral changes to contracts unless they can successfully defend the practice in court.

In a separate loan contract defense case, involving Argenta Credit Financial Services, the appellate court postponed a ruling until October 29.

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