Foreign Currency Loans – Judgment Delayed in Hungarian

On October 21, the Court of Appeal postponed the announcement of its ruling in the court of second instance in the foreign currency loan lawsuit filed by Good Finance Bank Zrt. Against the Hungarian state on Thursday.

Both the claimant financial institution and the defendant

Hungarian State appealed against the first instance judgment, in which the court partially upheld the financial institution’s claim. According to the judgment of the Court of First Instance of 3 September, the general terms and conditions of the bank’s euro-based personal loans (asf) were complied with in certain periods by the legal criteria of fairness. In its appeal, the plaintiff sought, among other things, the initiation of a specific normative review procedure before the Constitutional Court (AB).

According to the appeal of the defendant Hungarian State

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the finding of partial invalidity is excluded and the law treats the principles as a logical unit. According to the judgment of the Court of First Instance, no statutory provision precludes the determination of the partial validity of a clause within a clause of a clause. It is only a condition that the individual contractual clauses comply with all the statutory principles. In his appeal, the applicant sought suspension of the proceedings pending the outcome of proceedings pending against another financial institution initiated by AB. According to the defendant’s appeal, there is no directly applicable EU law and no EEC directive is directly applicable in a dispute.

The defendant’s Hungarian legal counsel stated in support of his appeal

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In a similar case, the court the previous day stated that in order for a contractual term to be valid, it was necessary to comply with all statutory conditions at the same time.

The legal representative of the applicant financial institution stated that they would also maintain their appeal. He emphasized that the defendant’s counterclaim had been received the previous day and that it had not been possible to fully prepare for it in such a short time.

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