Floor clause: “Sentence TJUE-21/12/2016”
March 22, 2018
The European Justice forces the Spanish banks to return all the money charged for the Floor Clauses
This morning, the ruling of the Court of Justice of the European Union has been declared. As ruled by the Supreme Court, the new ruling states that banks are required to return the amounts collected by the so-called floor clause, with retroactivity from the beginning of the mortgage’s signing and not just since the 9th of May, 2013.
The ruling of the Court of Justice of the European Union maintains that the limitation imposed by our Supreme Court is contrary to Community Regulations and, therefore, financial institutions must finally reimburse those affected by the floor clauses the total amount that has been overcharged from the beginning of each mortgage loan.
The Supreme Court has stressed the need to stop the use of the abusive clauses that leaves incomplete and insufficient protection of consumers, against any directive demands..
This ruling has serious repercussions for the banking sector, which according to data from the Bank of Spain would be obliged to return up to 7.6 billion to customers. If your mortgage has a floor clause, it is undoubtedly the time to initiate the legal actions to recover those amounts.
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