The Court of Justice of the European Union (CJEU) on Tuesday gave the reason to consumers with mortgages referenced to the IRPH index by ruling that Spanish judges must control whether they were marketed in an abusive manner , which would allow them to compensate those affected when the case.
The Luxembourg-based court specifies that, when it is considered that there was abuse, the national judge may substitute the IRPH for another legal index to protect consumers from the harmful consequences that could result in the cancellation of the loan contract.
The ruling is a blow to the bank, which could have to deal with an invoice of up to 44,000 million euros, since Spanish entities had a portfolio of 15,500 million euros in mortgages referenced to IRPH at the end of 2019.
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