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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
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.