European Court of Justice Ruling Against Spanish Bank Floor Clause The European Courts have now ruled the Clasula Suelo of Floor Clause illegal and anyone who has this clause in their deeds “Escritura de Hipoteca” can now claim back since the date the mortgage or loan/s were taken out with them. Are you looking Read more about European Court of Justice Ruling Against Spanish Bank Floor Clause[…]
“The mortgage ‘floor clauses’ are a fraud.” Floor Clause News for Spanish Mortgage Holders A floor clause (or “cláusula suelo” in Spanish), usually entered in a financial agreement in relation to a cap floor, refers to a specific condition generally included in financial contracts, principally loans. Thursday, April 7, 2016, could go down in history Read more about Floor Clause News for Spanish Mortgage Holders[…]
The Advocate General issued his conclusions on 12 July and the final judgement will likely before year-end
Abusive, or controversial, according to several clauses of the Spanish courts-down mortgages are already seen for sentencing.
The Court of Justice of the European Union was held today in Luxembourg the hearing to set the degree of retro activity may be required to the bank to return the money collected by those bad banking practices, condemned time and again by Spanish and European judges. The Advocate-General of the EU will be ready next July 12.
Normally it prejudges that decision most of the time the final judgement, which in any case will come before year-end, according to judicial sources. This failure can cause a shock in the income statements of several entities, which have begun to provision for what might happen. The Supreme Court said in May 2013 that all ground clauses that are not fully transparent are abusive. And therefore null and void. Just over a year ago, the Supreme ratified, but only forced to repay the amounts collected from May 2013 to be seen whether European courts ultimately find that this is the cut-off date, or mortgaged can recover their money since November 2009, the time when sharp falls in interest rates began to turn some clauses floor.