Hungary

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Hungary May Change Forex Loans Retroactively, Court Rules

Hungary’s top court Monday ruled that lawmakers can adopt legislation allowing retroactive changes to foreign-currency loan contracts, but the changes must take into account the interests of both the borrowers and lenders, The Wall Street Journal Eme ...

Daily Headline - global.abi.org - 03/17/2014 - 22:49 - 0 comments

Hungary Central Bank Fines 35 Banks

The Hungarian central bank Thursday fined 35 banks in an effort it said was to protect consumers after most banks managed to pass on to clients a large share of the extra tax burden the Fidesz-party government levied on the banking sector in 2013, The ...

Daily Headline - global.abi.org - 03/13/2014 - 23:32 - 0 comments

Austria, Hungary Central Banks Shouldn’t Become Enemies, Nowotny Says

The central banks of Austria and Hungary should seek a “workable and fair” solution to the problems Austrian banks are facing with Hungary, and shouldn’t become each others’ enemies, Austrian central bank Governor Ewald Nowotny said Friday, The Wall St ...

Daily Headline - global.abi.org - 02/02/2014 - 21:35 - 0 comments

Hungary Levies Record Fine on Banks in Forex Mortgage Case

Hungary’s competition authority Wednesday levied its highest ever fine in a cartel case against the country’s largest banks, saying they had discouraged home owners with a foreign-currency mortgage from taking part in a program aimed at reducing their lo ...

Daily Headline - global.abi.org - 11/21/2013 - 00:07 - 0 comments

S&P Affirms Hungary Junk Rating, Warns of Debt Vulnerability

Standard & Poor’s Ratings Services warned Friday that it may downgrade Hungary further into non-investment grade over the next 12 months should government policies weaken investor confidence and the outlook for recovery, The Wall Street Journal E ...

Daily Headline - global.abi.org - 10/27/2013 - 23:00 - 0 comments

Magyar Telekom To Seek Court Approval For Debt Restructuring

Hungarian operator Magyar Telekom announced plans to apply to the High Court of Justice in England and Wales for a court hearing to be held no earlier than 28 October for approval of its earlier announced debt-equity swap, Telecompaper reported. This sho ...

Daily Headline - global.abi.org - 10/21/2013 - 22:05 - 0 comments

Hungary Talks with Banks on FX Mortgage Relief Focus on Conversion

Talks between Hungary’s government and its banking association over a relief plan for households with foreign currency mortgages are focusing on exchange rates, the timing of a possible debt conversion and interest on converted mortgage loans, the secret ...

Daily Headline - global.abi.org - 09/03/2013 - 20:29 - 0 comments

Hungary Tour Operator Goes Bust Partly Due To Egypt Troubles

Leading Hungarian tour operator Best Reisen Ltd, hit by big losses on holidays to Egypt and Tunisia, said on Friday it had gone bankrupt, leaving hundreds of passengers in Red Sea resorts in Egypt, Reuters reported. The company said it had financial depo ...

Daily Headline - global.abi.org - 08/18/2013 - 21:25 - 0 comments

Hungary Debt Sustainability Still at Risk, Says Moody’s

The sustainability of Hungary’s public debt, the highest in Central Europe as a percentage of gross domestic product, continues to be at risk despite the European Commission’s recommendation that the European Union lift its strict budget monitoring of th ...

Daily Headline - global.abi.org - 06/03/2013 - 20:50 - 0 comments

Article 5 of EIR: More answers and questions

There are very few known cases about the practice of Art 5 of EC Insolvency Regulation (1346/2000). In Hungary there is a case related to Art 5, in which the European Court of Justice (ECJ) has made a preliminary judgment (C-527/10). (Europe, Hun ...

Resource Article - twallace@abiwor... - 09/19/2013 - 15:36 - 0 comments - 1 attachment

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