The acclaimed contribution of FXLoans Community: “Foreign currency loans? Studies, essays, polemical treatises on the ‘special banking product’”
This book has been the fruit of the collective contribution of some financial consumer associations, during several years of fight in defense of consumers’ rights against banking abuse, in relation to foreign exchange loans.
Through the studies included in this book the reader may get an insight in that “special banking product” which is labelled “foreign currency lending” and receive some information on the history of “foreign currency borrowing”, on its domestic and international practice, legal background, and the relating changes as well. Our Hungarian and international authors include judges (between them two former judges of the Slovenian Constitutional Court, one former judge of the European Court of Human Rights, and one member of the the Venice Commission); many barristers; economists, financial experts, university professors, lecturers and researchers; even a journalist, a political scientist, a sociologist, and several committed representatives of civil organisations.
Our Community of associations do sincerely hope that the different approaches, perspectives and viewpoints of the authors further enrich and clarify the contradictory image which was established in Hungary on a “financial product” sold as “foreign currency lending”/ “foreign currency /CHF/ denominated lending”, taken as “foreign currency borrowing”/”foreign currency /CHF/ denominated borrowing” – and later on turned into a source of serious financial and existential troubles for hundreds of thousands in Hungary.
Our publication is a result of large-scale domestic and international cooperation. Our objective is to assist in shaping a more sophisticated and nuanced picture related to “foreign currency borrowing”; the real and objective social orientation; to generate a discussion forum for calm and deliberate dialogues and constructive social and professional debates, and for the consensus-based quest for common solutions.
Our initiative is unique in its kind as the studies in this book may also be regarded as preparatory studies focusing on certain research fields, and may serve as a starting point for a large-scale, empirical comparative cross-national sociological research program which would examine and analyse the establishment, practice, social consequences, and potential prospective social impacts of “foreign currency denominated lending” both in Hungary and abroad.
It is worth mentioning some titles of this book such as:
- The foreign Currency Loan Experience in Australia whose author is Evan Jones.
- Legal Memorandum on Violations of Constitutional and Convention Rights of Slovenian Borrowers of Mortgages Denominated in Swiss Francs by Boštjan M Zupančič – Ciril Ribičič.
- FX Loans: Turning Borrowers into Blind-folded GamblersSigrún Davíðsdóttir by Sigrún Davíðsdóttir.
- The Commercialisation of Multicurrency Mortgages in Spain written by Patricia Suárez Ramírez.
- FX Loans, Complex Financial Instruments by Evi Avlogiari, with the contribution of Magda Glavina.
- Foreign Currency Loans in France written by Evan Jones.
- Social, Legal and Economic Aspects of FX Loans – the Bulgarian Experience whose author is Dessislava Dimitrova – Anna Georgieva.
- How to Win Against the Banks by Katherine Alexander Theodotou.
You can download here the book: Zoltan Laszlo KISS (ed.) (2018) Foreign currency loans? Studies, essays, polemical treatises on the ‘special banking product’. Budapest: Rejtjel Publishing House.ISBN 978-615-5737-02-2.
