• IRPH: Consumer associations foresee a flood of claims following the ruling
  • Europe: Justice rules that the judge controls whether the IRPH is abusive and relieves banks

The Ministry of Economy does not contemplate for now the implementation of the extrajudicial mechanisms demanded by consumer associations to solve the mortgaged affected by the IRPH index. following the ruling of the Court of the European Union.

Sources from the department headed by Nadia Calviño believe that the sentence limits the impact on the solvency of the entities and is confident that they will have the capacity to assume the demands arising from the ruling.

In this sense, Economía now rules out promoting arbitration or conciliation measures such as those implemented with the ground clauses despite the demands of organizations such as Adicae and the OCU.

The president of the first of these organizations, Manuel Pardos, went even further to request that this mechanism be initiated with Bankia because of its status as a state-owned entity. The group maintains a total of 1.3 billion euros in mortgages linked to IRPH. According to Pardos, it should be the Ministry of Consumption directed by Alberto Garzón who leads this initiative within the Government itself.

In Economy they refer to the future creation of the Banking Client Protection Authority as a mechanism to expedite and resolve disputes between consumers and entities. However, the creation of this organization has been paralyzed for years due to the lack of budget and its implementation is not immediately expected due to the complexity of its organization.

Consumer associations yesterday called on those affected to carry out massive claims against financial institutions to fight for the return of the difference between the fees they pay on their mortgages and those that would have paid with other indexes such as the Euribor. Gaps that, throughout the life of the credit, are around 20,000 euros according to their calculations.

The first step of this strategy would be to file an extrajudicial claim before the entity and the Bank of Spain. Then, associations such as Adicae or Asufin offer their legal services to file the legal claim.

For their part, the banks consider that these lawsuits will not prosper because the Supreme Court has previously endorsed the commercialization of these mortgages. In this sense, sources from different entities assure that the commercialization process was carried out according to the transparency orders of the moment - collected in a ministerial order of mortgage loans of 1994 - and there was no abuse when offering similar interest rates for credits linked to IRPH and for those linked to Euribor.

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  • IRPH
  • Supreme Court
  • Nadia Calviño
  • Mortgages