‘A victory for the banks? Opinion AG Mengozzi in high-profile cases on Spanish “floor clauses”’

“The cases discussed in this blog post go far beyond the parties’ interests and are perceived as being part of an ongoing battle between ‘the banks’ on the one hand and ‘the consumers’ on the other. They originate from a disagreement between the Spanish Supreme Court (Tribunal Supremo) and lower courts about the required level of protection under the Unfair Contract Terms Directive (93/13/EEC). The subject matter of the three cases are the so-called cláusulas suelo (literally: ‘floor clauses’), ie minimum interest rate clauses, used by banks in mortgage loan agreements. In Spanish media, today has already been called ‘D-Day’ for cláusulas suelo …” (more)

[Anna van Duin, Judges in Utopia, 13 July]

First posted 2016-07-14 06:35:17

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