Kúria Affirms Validity Of Foreign-Currency Loans In Hungary
- 17 Dec 2013 7:00 AM
The Kúria ruled on Monday that foreign-currency mortgage loans are valid, are not immoral, do not constitute usury, and are not “sham contracts”. A two-thirds majority of the special panel of 36 judges ruled that borrowers must bear the risks of such loans, including the risk associated with currency fluctuations.
“We are disappointed,” Fidesz caucus leader Antal Rogán said in his first response, “the Kúria has sided with the banks”.
However, the Court reserved opinion on the validity of unilateral changes to the contracts, saying it would await a verdict on the issue by the European Court of Justice.
Source: Hungary Around the Clock
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