The European Court will give a Decision about the Clausulas Suelo, probably on the 29th April 2016. The Decision will be regarding the interests to be paid due to the clause and is all over the news…
The Spanish Supreme Court ruled that when a “clausula suelo” is illegal the interests have to be returned but only since their Judgment of May 2015. The Court decided that because they thought that returning interests since the mortgage was authorized will mean a big loss to the Spanish Banking System.
The European Court will have to decide if interest has to be returned since the Spanish Supreme Court Judgment or since the mortgage was signed with the bank.
It is unfair that interests have to be returned only since the Spanish Supreme Court Judgment, so we expect the European Court to change that and make justice.
It will be very good news for all if the European Court confirms that interests have to be returned since the mortgage was authorized. This will mean that the bank has to return more money to the client.
We will keep our fingers crossed!