Hungary ruling party criticises supreme court over FX loans ruling
BUDAPEST Dec 20 (Reuters) - Hungary's governing Fidesz party urged the Supreme Court on Friday to deliver a ruling on outstanding aspects of foreign currency loans instead of waiting for a European court decision, saying this delay favoured the banks.
Fidesz vice chairman Lajos Kosa told a news conference that the court, known as the Kuria in Hungary, favoured banks by deferring to the European Court of Justice on the issues of exchange rate spreads and unilateral contract changes.
When asked whether the government or Fidesz would act unilaterally before an election due early next year, Kosa said: "We will act as soon as we see the solution, however, we have not found this out yet."
"We must come to an agreement with the parties involved, however, this will not be a short process," he said. "Phasing out these products will obviously be costly. There are very serious debates about the distribution of these costs."
Hungary's supreme court ruled on Monday that banks are not to blame for borrowers losing out on foreign currency loans. However, the court has not ruled on the question of whether the banks were sufficiently transparent about unilateral changes to the loans, for example, hiking interest rates. (Reporting by Gergely Szakacs)
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