Further legal consequences of invalidity, in particular the legal consequences applicable in the event of unfairness of the transfer of exchange rate risk to the consumer

Abstract

The study examines the problem of legal consequences applicable in the event of invalidity of foreign currency-based consumer loan agreements. It reviews the general aspects of the selection of applicable legal consequences in domestic law. It points to the importance of the conceptual elements of unfairness and summarizes the requirements under Articles 6 and 7 of Directive 93/13/EEC in the light of the case law of the CJEU. Finally, it argues that the two solutions proposed by the Consultative Board set up by the President of the Curia of Hungary are essentially equivalent.