An estimated evolution of 5.269 billion euros is projected.
Carmen González Suárez, head of the Commercial Court number 11 of Madrid, has condemned, in a procedure initiated in 2010 from a macro-lawsuit filed by the consumer association ADICAE on behalf of 15,000 affected parties, 40 banks and savings banks to return to their clients the amounts charged “unduly” as a result of floor clauses since May 9, 2013 and to eliminate said clauses from the contracts , keeping the contracted mortgages in force.
The judge is using May 9, 2013, as a reference point, since that is when the Supreme Court declared these conditions null and void (in cases where the client had not been properly informed) when it accepted a lawsuit filed against BBVA, Abanca, and Cajas Rurales, ruling that amounts prior to that date could not be claimed to avoid the risk of serious disruption to "economic public order." However, we are closely monitoring the situation in Europe, as the Court of Justice of the European Union is due to rule (on April 26) on whether or not the Spanish rulings in this matter are retroactive. This is a crucial issue because, if the ruling is upheld, it would mean that financial institutions would have to return the money overcharged from the date the contract was signed, not just from the date of the Supreme Court's 2013 decision.
LACK OF TRANSPARENCY
Analyzing the aforementioned resolution, in her legal reasoning, the magistrate follows the line already indicated by the Supreme Court considering that the floor clauses, despite their legality, ARE NOT TRANSPARENT, and therefore, are ABUSIVE because the consumer has not been properly informed: the clients have not been properly informed what they were signing and this has caused them clear harm by frustrating their expectations since they believed that they were contracting their mortgages at a variable interest rate when in reality they were contracting at a minimum fixed rate.
The lawyer argues that, being essential elements of the mortgage loan contract, these clauses cannot appear in it disguised, but must be understandable, clear and simple, and about whose content the banking entities should have made a special call to attention (they were introduced without the banking entity highlighting the importance of the inclusion of the clause in the economic life of the contract).
WHO IS AFFECTED BY THE SENTENCE
This ruling affects all consumers who have signed a loan agreement with a clause limiting the variability of interest rates that is not transparent. If you find yourself in this situation, you should contact your bank as soon as possible to have this clause removed from your contract and receive a refund of any overpaid amounts. If you do not receive a satisfactory response, you should pursue legal action to claim your rightful interest.
THE LIST OF AFFECTED ENTITIES
-Arquia Architects' Fund.
-Liberbank (Caja Castilla-La Mancha, Cajastur, Caja de Ahorros de Extremadura and Caja de Ahorros de Santander y Cantabria).
-Banco Popular (Banco de Galicia, Banco Popular Español, Banco Vasconia, Banco Andalucía, Banco Castilla, Banco Crédito Balear, Popular-E, Targobank, Banco Pastor and Banco Popular Hipotecario Español).
-Bankia (Caja Segovia, Caja Insular de Ahorros de Canarias and Caja Rioja).
-Kutxabank (Kutxa and Caja Sur).
-Laboral Kutxa (Ipar Kutxa Rural and Caja Laboral Popular).
-Ibercaja (Caja de Ahorros de la Inmaculada de Aragón, Monte de Piedad y Caja General de Ahorros de Badajoz y Caja de Ahorros y Monte de Piedad del Círculo Católico de Obreros de Burgos).
-Banco Sabadell (Banco Guipozcoano, Banco Gallego, Caixa Penedés, Banco Sabadell Atlántico, Banco de Asturias, Banco Herrero and Banco Urquijo).
-CaixaBank (Caixa Destalvis de Girona, Caja Sol, Caja de Ahorros de Burgos, Caja Guadalajara, La Caixa, Caja General de Ahorros de Canarias, Banco Zaragozano, Caja General de Ahorros de Granada and Barclays España).
-Credifimo.
-Savings Bank and Pawnshop of Ontinyent.
-Unicaja Bank (Caja Duero and Unicaja).
-Banco Mare Nostrum (Caja Granada and Caja de Ahorros de Murcia).
-Celeris Financial Services.
-March Bank.
-Pueyo Bank.
-Banco Caminos.
-Bancofar.
-Grupo Caja Rural (Caja Rural Toledo, Caja Rural Zamora and Cajaviva).
-Caja Rural Extremadura.
-Caja Rural del Mediterráneo.
-Caja Rural de Jaén.
-Bexti Rural Bank.
-Caja Rural de Soria.
-Central Rural Bank.
-Caja Rural de Asturias.
-Caixa Rural Galega.
-Caja Rural de Tenerife-Cajasiete.
-Caja Rural del Sur (Caja Rural del Sur Sociedad Cooperativa de Crédito, Caja Rural de Córdoba and Caja Rural de Sevilla).
-Caja Rural de Teruel.
-Caja Rural San Vicente Ferrer del Vall de Uxó).
-Caixa Rural Casinos.
-Caja Rural de Granada.
-Caja Rural de Navarra.
-Caja Rural de Almendralejo.
-Caixa de Guissona.
-Caja Cantabria.
-Globalcaja (Caja Rural de Albacete, Caja Rural de Ciudad Real, Caja Rural de Cuenca).
-Bantierra (Cajalón, Caixa Advocats and Caja Rural de Huesca).
-Bank of Commerce.
-Etchevarria Bank (belonging to the Abanca group).
Olga García
Civil/Criminal Area
Àmbit Assesor
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