Foreign Exchange Loan Contracts – A Romanian Case from a Hungarian Perspective
Foreign Exchange Loan Contracts – A Romanian Case from a Hungarian Perspective

Summary/Abstract: The period in which the daily news reports were about the economic crisis, its impacts, and the foreign currency crisis is behind us. However, sometimes new information appears, which in a given case gives hope for those hundreds of thousands who fell victim to thoughtless loan constructs denominated in a foreign currency. Our study concerns the CJEU’s recent judgement in the case of Andriciuc et al. (C-186/16), published in September 2017, in which the CJEU answered the questions submitted by the Court of Appeal of Oradea. People expected that the judgement would not only change the situation of the Romanian debtors but would affect all debtors living all over Europe. Accordingly, the study intends to compare the Hungarian and Romanian regulatory environment and the results and solution proposals of the judicial practice by the analysis of the judgement. Recently, new civil codes came into force both in Hungary and Romania, our examination extends to the relevant substantive law provisions as well. Fundamental dogmatic changes occurred in both countries’ civil law regulation relating to foreign exchange loan contracts. However, instead of the examination and comparison of the national regulation and practice, our analysis shall primarily concern the CJEU’s recent judgement, which, despite the lack of new statements, could have an impact on both the Hungarian and Romanian regulatory environment.

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