The Luxembourg court said in an opinion that the client given general information prior to signing in itself does not make the loan contract just, the paper said. The borrower asked a regional court to annul the clause in the contract which stipulated that the Financial and Capital Arbitration Court had the right to decide on the outcome in the case of a dispute between the parties.

The paper noted that it is not possible to appeal this court’s ruling and such a procedure “is more costly than a normal court procedure”.

The European court is scheduled to announce its decision in the Kásler versus OTP Bank case on April 30.

The case had been initiated by Hungary’s supreme court, in order to establish, among other things, whether the Hungarian justice system has the right to examine whether the contract conditions of borrowers with foreign currency loans are fair or not.

Source www.hungarymatters.hu

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