Twenty-six lenders take forint loan contract defense to court

Issues

Twenty-six lenders filed court cases to defend unilateral changes they made to retail forint loan contracts by yesterday’s deadline, the Municipal Court of Budapest said today, responding to a query by Hungarian news agency MTI. Banks had between January 5 and 12 to make their cases on the matter.

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 earlier defended such changes to foreign currency-denominated retail loan contracts, but none enjoyed a ruling fully in their favor.

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