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Part II EU Jurisdictions, 14 Hungary

Judit Fazekas, András Pomeisl

From: Unfair Terms in Banking and Financial Contracts

Edited By: Danny Busch, Matthias Lehmann

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Subject(s):
Banker-customer contract — Capital markets — Foreign currency systems and institutions — Financial regulation

This chapter discusses the control of unfair contract terms in Hungary. Regulations on the control of unfair contract terms were already in place before Hungary’s accession to the European Union (EU). The chapter notes how the foreign currency-based (FC) loan crisis ended up threatening the country’s financial stability while causing serious liquidity problems for credit institutions. The Kúria played a key role in providing guidance on how to deal with the legal challenges posed by FC loan agreements. The chapter also considers the main examples of unfair or intransparent clauses, referencing foreign currency clauses and interest clauses in particular.

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