More than half of FX loan contract disputes continued in court after settlement

Budapest, March 1 (MTI) – A little more than half of Hungarian borrowers who sued their lenders over foreign-currency denominated loan contracts continued their cases even after they were compensated for unfair banking practices, daily Magyar Idők said on Tuesday.

About 12,000 cases involving foreign-currency loans were suspended after borrowers relief legislation approved in the summer of 2014 required lenders to refund their clients for using exchange rate margins when calculating repayments on foreign-currency loans and for making unilateral changes to contracts, the deputy head of the National Court Office told the paper. About 7,000 of these cases were restarted after banks settled with clients, and rulings have already been made on half of these, said Judit Gyarmathy.

New cases have also been launched, bringing the total number of foreign-currency loan contract disputes to 18,000, she added.

Source: http://mtva.hu/hu/hungary-matters