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CJEU rules Hungary law on FX loans complies with EU directive
September 2nd, 2021
The Court of Justice of the European Union (CJEU) on Thursday ruled that Hungarian legislation prohibiting the annulment of a loan agreement denominated in a foreign currency on the ground that it contains an unfair term relating to exchange rate differences complies with EU law. In the case, referred to the CJEU by an appeals court in Gyor, in north-west Hungary, a consumer argued that FX loan contracts with members of the OTP Group were void because of unfair conditions stipulating different exchange rates for disbursal and repayment.
MTI