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Združenje Frank LogoRepresentatives: Matjaž Sušnik 
Consumer Association:
Contacto: info@zdruzenje-frank.si

Association Franc Slovenia – ZDRUŽENJE FRANK

Association Franc is a voluntary, independent, non-profit association, founded by private persons to enforce, protect and improve consumer rights, in particular borrowers of bank loans and clients of financial institutions.

Association Franc aims at active protection of borrowers of loans contracted on the exchange rate of Swiss Franc, and strives to solve the problem of uncontrollable increase of such loans. Our objective is based on a grounded suspicion that the banks have treated us incorrectly. We believe that the banks should be operating responsible while having marketed toxic loans without thoroughly informing the borrowers on the risks involved.


When and why would people in SLOVENIA take FX loans rather than loans in euros?

People in Slovenia they rented housing loans in Swiss francs, whereas they have been presented as the most affordable and totally safe without any risk and with the lowest interest rate. In fact, they were all only loans denominated in Swiss francs, borrowers or sellers of real estate received euro or even before SIT (slovenian tolar).

Who was the target?

The target group for the loans were private individuals who have been solving the housing problem. The vast majority of loans were intended to solve housing problems, purchases of apartments and houses.

Were people informed about the risk when they took these loans?

People by no means, hadn’t been informed or alerted to the risk that such credit can bring. Bank officials had claimed that such a loan is very secure, based on a strong currency and the possible changes in exchange rate fluctuations can maximum be of 2 to 3%. In the figure below there is one of the banks flyer, advertising this loans in the year 2004, with a title “, rely on a strong currency”, claiming that such a loan is an ideal chance for the purchase of houses and flats, as beside a favorable interest rate it ensures that the amount of the monthly annuity will not change significantly. 

In which currencies are the loans mostly indexed?

All loans were tied to the Swiss franc.

What happened when consumers took banks to court for the FX loans?

Currently about 80 individual lawsuits have been put in against the banks, as Slovenian has no law which would allow the collective action. Three cases were closed in the first instance, and all three dismissed because judges argue that we have been sufficiently informed on the possible consequences of the loans in CHF, which is of course far away from the truth. The judges, until now were only considering the testimony of bank employees, who are obviously more credible witnesses against the plaintiffs.

Unofficially circulated the rumors that the judges agreed among themselves that they will make all the action at first instance rejected. The government, despite our protest in 2015 and several meetings persistently ignored the case on the pretext with exuse themselves the loans were taken on speculating purpose, even though in reality all the loans were given to solve housing problems. The Government of Slovenia pays no attention to 15.000 plight of citizens (15,000 loans in Swiss francs).