Spanish Supreme Court (Tribunal Supremo Español)

Three victories for ASUFIN in The Spanish Supreme Court

Posted on 26/02/2019 · Posted in News

ASUFIN has achieved three judgements in favour of consumers affected by multi-currency mortgages.

The first judgement was crucial. The Supreme Court ruled in favour of an ASUFIN member against Barclays. Fortunately, it annulled the multi-currency clause due to the lack of transparency. Almost 70 000 families benefited from this judgement after so many years of worry, fear and desperation.

The second judgement ruled in favour of a couple from Asturias (North of Spain), against Caixa Catalunya (now BBVA). They took out a loan of 143.000 euros for the purchase of their main residence in 2006 and after that, BBVA advised the couple to exchange francs into yens. Nonetheless, fees shot up and they were forced to take out another loan. Finally, they sued the bank. This is the second victory for ASUFIN.

The third judgement was won against Santander Bank. In this case the affected consumers were a couple who had bought a flat with a multi-currency loan. Pre-contractual information stated that they could exchange currency in any moment (included euros). Nevertheless, that possibility was excluded in the deed. Consequently, when they wanted to exchange into euros they could not do it. In view of the circumstances, the couple asked ASUFIN for help. The association advised the couple during the judicial process. Interestingly, First instance and Provincial Court dismissed their arguments. Eventually, the Supreme Court deemed the appeal.

First Judgement – Download – Barclays – 15/11/2017 (In Spanish)

Second Judgement – Download – Caixa Catalunya (now BBVA) – 31/10/2018 (In Spanish)

Third Judgement – Download – Banco Santander – 26/11/2018 (In Spanish)