Representative: Pantelis Antoniadis
Consumers Association: SILLOGOS DANEIOLIPTON ELVETIKOU FRAGKOU (SIDANEF)

E-mail: info@daneia-chf.gr
Website: www.daneia-chf.gr
FACEBOOK: https://www.facebook.com/sydanef/

The Panhellenic Association of Swiss-Franc Borrowers was founded in 2014. Among other things, its objectives are:

1. A) To support and inform borrowers-consumers and
2. B) To achieve legal vindication by seeking to be allowed to repay these loans at the exchange rate in effect at the time the loan was disbursed.

To achieve these objectives, the spearheading SYDANEF, along with other consumer organizations, filed four collective lawsuits (one for each bank) against Eurobank, Alpha Bank, National Bank of Greece and Bank of Piraeus.

As you may already be aware, the claim against Eurobank was heard before the First Instance courts in November 2015. Thousands of claimants were part of this collective litigation. The first-instance ruling was handed down on 24/5/2016 (known as the “334/2016 decision”), which fully vindicates the borrowers, as it orders:

1. A) the recalculation of loans based on the exchange rate in effect on the date of loan disbursement, and
2. B) its retroactive enforcement.

Nevertheless, Eurobank appealed the decision. The collective lawsuit has been heard at the Appeals level on 28/9/2017 and it included an increased number of claimants-participants.

As regards the collective claims against the other three banks, these were heard at first-instance level in November 2016 after the banks requested a postponement. We are expecting a decision any day now.

Most people in Greece prefer to buy an apartment rather than rent one. In order to do so they get loan.

From 2006 to 2009 banks suggested the chf loans as a preferable choice because of the low interest rates. Generally, banks only highlighted the benefits (low interest rates, low monthly fees…) but they didn’t inform the consumers about the risks that a chf loan has (for example, they didn’t inform the consumers for the possible change in the exchange rate which came later).

Practically they suggested chf loans to everyone. They even suggested to people who had a euro loan to turn it into a Swiss loan.

Some judgements are on our website. We try to find more of them so as to post them on our website so that the consumers can be informed about court’s decisions.

In our website http://www.daneia-chf.gr/ you can also find the judgement of the collective trial against Eurobank, 334/2016 decision.

Greek courts the last 2 years have recognized that the term of the mortgage contract which in fact burdens the customer to suffer any currency fluctuation from euro to Swiss franc is totally void. The reasoning behind that was based mainly on the 2251/1994 Greek Bill of Consumer law article 2 which deals with the rights of the consumer at the time of the dealing with the bank. In fact the specific law is part of the 93/13 European regulation issued on the 5.4.1993 and in particular article 3 which states that “A term of the contract which was not part of the negotiations among the parties is to be rendered void when it creates serious imbalance between the rights and obligations of the parties.” Recently consumers won in Athens an individual case and also a class action law suit against Eurobank.