• Coronavirus in Hungary
  • Budapest
  • Hungary border control
  • HelloMagyar
Socialists want new laws on forex loansSocialists want new laws on forex loansSocialists want new laws on forex loansSocialists want new laws on forex loans
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Support us
Daily News Daily News · 30/10/2019
· Business

Socialists want new laws on forex loans

economy FX loan Hungary Socialists
Daily News Hungary

The opposition Socialists demand new laws on forex loans held by Hungarian borrowers in light of a recent ruling by the EU’s court of justice, a deputy leader of the party said on Wednesday.

In its ruling this month, the European court established in connection with a Polish case that FX loan contracts had to be declared void if borrowers had not been informed about exchange rate risks in advance, László Szakács told a press conference.

In Hungary, parliament passed in 2014 several laws designed to amend unfair terms of FX loan contracts on which repayments skyrocketed when the forint plummeted during the 2008 financial crisis. However, the exchange-rate risk remained a risk borne by the borrower. Hungarian laws have so far prohibited retroactive cancellation of contracts by the loan-holder due to unfair terms in the contract.

In June this year, a consultative board of the Kúria proposed two solutions to be considered by courts in FX loan lawsuits in which borrowers proved that they had either not been informed about exchange rate risks or had been informed only in vague terms.

Szakács on Wednesday criticised the consultative board for suggesting that the European court’s ruling should not be applied in Hungary.

He urged drafting new legislation with a provision stating that the banks had failed to inform borrowers about the exchange rate risks.

This would spare launching here 1,700,000 lawsuits altogether, he said, calling for terminating foreclosures on the homes of troubled borrowers.

Source: mti

economy FX loan Hungary Socialists
Share
Daily News
Daily News

Related posts

Ryanair Wizz Air cheap tickets
19/08/2022

Wanna’ travel? Ryanair offers some very cheap ticktets from Budapest!


Read more
Budapest Hungary
18/08/2022

Hungary will be facing challenging times in the next three months


Read more
Budapest real estate
18/08/2022

Here is how to save if you live in a rented flat in Hungary!


Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.


Latest news
  • Wanna’ travel? Ryanair offers some very cheap ticktets from Budapest!
  • Hungarian Gripens got their first alert due to Russian aircraft!
  • Scandalous: bystanders filmed the death of a man in Hungary
  • Charities organise camps for 1,200 Ukrainian children
  • What happened today in Hungary? — August 18, 2022
  • House of Music to host 1st Far Eastern Classical Music Festival
  • The American host spoke to George Soros in Hungarian
  • Saint Stephen’s Day celebrations are starting! – here are the programmes

About us

Contact us

© 2022 DailyNewsHungary. All rights reserved!