This was the first time that a financial institution succeeded in defending its position in court regarding unilateral modifications to loan conditions.

The courts have ruled in 40 cases since August 25, postponing verdicts to next week in most cases affecting the largest lenders.

Magyar Cetelem was justified in raising interest rates and fees in line with changes in the consumer price index, as stated in its general contract, the court found.

Source: Hungary Around the Clock

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