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Spanish Bank Refunds News

Bankia Floor Clause News


Spanish lender Bankia on Monday announced it plans to refund charges to all of its mortgage holders affected by so-called “floor clauses” (cláusulas suelo), which saw a lower limit imposed on monthly mortgage repayments no matter how much the interest rate on the loan fell, and which have been found to be abusive according to a ruling by the European Court of Justice (ECJ). Some 1.4 million bank customers in Spain are thought to be affected.