On Tuesday 26 April, took place in the Court of Justice of the European Union (ECJ), based in Luxembourg, holding the hearing which brought together all the plaintiffs and defendants on the ground clauses . These were included in the mortgages signed in Spanish financial entities
Although the Spanish courts have already ruled, the ECJ will have the last word on whether they are to be canceled or if besides the invalidity must be retroactive at the time the mortgage was signed. It is estimated that there will be judgment to within 3 or 4 months.
mortgage , the ground clauses are those which establish that the customer will pay a interest rate minimum , although the Euribor is below. That is, it is usually a clause has been introduced in mortgages signed with floating rate (90%). This is that the interest rate to be paid will depend on the evolution of the Euribor. If the Euribor rises a month, but down within three months, the interest rate will also accordingly. So ground clause was introduced to not depend on these fluctuations, but that the customer pay a minimum rate.
According doctrine of the Supreme Court, sitting in May 2013 on the occasion of lawsuits against financial institutions for this reason, he stated that these clauses were not illegal in themselves provided the bank duly informed and transparent customers about them, and where it ruled that he had not given sufficient information, declared the null of the same but no retroactivity. This means that did not require financial institutions to repay the improperly obtained.
Recently on 6 April, the Commercial Court of Madrid , on the occasion of a class action lawsuit it filed by ADICAE against 40 entities representing 15,000 consumers, ruled the invalidity of the clauses floor abusive, condemning them to compensate customers since May 2013.
Now the ECJ, must decide whether financial institutions have to return to their customers unduly charged since May 2013, or from the time they signed the mortgages. It is estimated that if judgment on the latter, could have a cost of 10,000 million euros in the Spanish financial sector.
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