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In brief

The Lexitor decision of the ECJ, dealing with the interpretation of the Directive on Consumer Credit Agreements (2008/48/EC), requires the Austrian legislator to amend the Consumer Credit Act (VKrG) and the Consumer Mortgage Act (HIKrG).

According to a view taken by the ECJ, consumers are to be proportionately reimbursed for all costs in connection with a loan, if such loan is repaid prematurely. The current legal framework in Austria only required the reimbursement of costs, which are depending on the term of a loan. In our current Client Alert we have briefly summarized the key facts of the proposed amendment and have indicated potential impacts to the Austrian credit industry.

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Georg Diwok heads the Banking & Finance Practice Group at Baker McKenzie Rechtsanwälte LLP & Co KG in Vienna. He previously worked as a law clerk at Bruckhaus Westrick Heller Löber and was a partner at Lattenmayer, Luks & Partner. He started his career as an assistant at Vienna law school.


Dr. Robert Wippel is a counsel in the banking and finance team of the Vienna office and specializes in banking law and financing transactions. He advises lenders, borrowers and sponsors with respect to all types of financing transactions including project-, acquisition- and real estate financing. Robert also has a strong knowledge and track record in structured financing as well as regulatory matters. Robert started his career 2011 as a banking associate in the Vienna office of a Magic Circle firm and joined Baker McKenzie in 2019.


Balint Ozsvar is a junior associate in the Banking & Finance Practice Group in Baker McKenzie's Vienna office and specializes in financial regulatory matters and financing transactions. Prior to joining Baker McKenzie in 2020, Balint worked for a renowned Austrian law firm and a major Austrian Bank. He holds a law degree from the Vienna University of Economics and Business (LL.M.).