Budapest court rules one foreign currency loan contract Canada Goose Online invalid

Court says Canada Goose online unnamed bank calculated repayments unfairly

Verdict canadian goose jacket comes days before Supreme Court meets on canada goose clearance same issue

BUDAPEST, Dec 11 (Reuters) A Budapest court said it ruled a foreign currency loan was invalid for setting repayments unfairly, days before Hungary supreme court meets to consider a new national framework for canada goose coats resolving claims on such Canada Goose Jackets contracts.

The verdict by the lower court was on one of some 2,500 lawsuits filed against banks by borrowers, hundreds of thousands of whom have seen the cost of foreign currency mortgages they took out before the 2008 global crisis soar as Hungary forint has weakened.

Members of the supreme court, or Kuria, are due to discuss the issue buy canada goose jacket on Monday, but it is not clear if they will give a definitive legal opinion on the same day.

Prime Minister Viktor Orban government has implemented various schemes to help households Canada Goose sale cope canada goose outlet toronto factory with rising hard Canada Goose Outlet currency debts, mostly denominated in Swiss francs. It has said the Kuria 2018 canada goose outlet conclusions will serve as the blueprint for further planned canada goose replica relief measures.

The Canada Goose Coats On Sale cabinet has also canada goose black friday sale sought guidance from Followers us the Constitutional Court.

Hungary mostly foreign owned banks, which lost canadagoosejacketca more than 1 billion euros as a result of a 2011 relief scheme on such loans, canada goose fear they could be hit again by the new government action.

The Budapest court, which ruled on canada goose outlet store locations the suit on Tuesday, did not name the bank involved in the canada goose deals case.

When the loan was disbursed, the bank used Canada Goose Parka its buying exchange rate for the conversion from forints, while monthly repayments were canada goose coats on sale calculated based on the bank selling rate.

That was unfair and rendered the contract invalid, the court said in a statement on its website.

An official of the court said the ruling could be appealed at the Kuria.

The Supreme Court canada goose store said earlier it would look on Monday into whether foreign currency loan contracts were valid in general terms, and in what circumstances the conditions buy canada goose jacket cheap allowing their unilateral modifications could be regarded as transparent.

A Justice Ministry state secretary told Reuters on Friday the government aimed to draft a bill to phase out foreign currency mortgages once top courts deliver their verdict on the loans, which the cabinet hopes canada goose clearance sale could come as soon as this month.

Any new measure cheap Canada Goose will affect Hungary biggest lender, OTP Bank with among others local units of Austrian Raiffeisen and Erste, Italy Intesa Sanpaolo and UniCredit and Belgium KBC also in the firing line. (Reporting by Krisztina Than; Editing by John Stonestreet).

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