New ECJ's decision on loans in Swiss francs
In its Judgment dated 2.9.2021 in Case C-932/19 (OTP Jelzálogbank and Others) the European Court of Justice ruled that Hungarian legislation which prohibits the annulment of a loan agreement denominated in a foreign currency on the ground that it contains an unfair term relating to the exchange difference appears to be compatible with EU law. This is the case if that legislation makes it possible to re-establish the legal and factual situation which would have existed for the consumer in the absence of the unfair term, even if the annulment of the agreement would be more advantageous for the consumer. In 2007, a consumer concluded loan agreements denominated in a foreign currency with Hungarian banks belonging to the OTP Group. In the context of disputes relating to those agreements, the consumer claimed that the agreements were void, pleading the unfairness of the terms stipulating that the exchange rate applicable at the time of the release of the loaned funds, which corresponded t