Hungary Authorities Fail to Comply with Consultation Duty on FX Loans, Says ECB

(MTI) – Hungarian authorities have failed to comply with the duty to consult the European Central Bank (ECB) about the draft law concerning certain measures on FX loan contracts, an opinion of the governing council of the ECB, published on its website on Tuesday evening, shows.

The ECB received a request from the Hungarian Economy Ministry for an opinion on a draft law on certain measures relating to consumer loan contracts, said the bank.

Several amendment proposals were submitted to the draft law to Hungary’s parliament, none of which was sent to the ECB, it said.

The draft law was adopted by Hungary’s parliament on 4 July 2014.

The Supreme Court laid down the seven principles (clarity, itemised listing, objectivity, factuality and proportionality, transparency, the right of termination and symmetry), and laid down that, if these are met, the unilateral amendment of the general terms and conditions of a consumer loan contract is not to be considered unfair.