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Credits. There will be a new wave of lawsuits from frankowiczów

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After the favorable opinion of the spokesman for the Court of Justice of the European Union, more such cases may appear in court. Banks will have to set up even more reserves – we read in the Monday’s Rzeczpospolita. According to the CJEU spokesperson, after a mortgage contract is declared invalid due to unfair terms, consumers may pursue claims against banks that go beyond the reimbursement of cash benefits.

The daily reminds that in Thursday’s opinion, the Advocate General CJEU pointed out that banks are not entitled to any additional claims other than the return of capital after cancellation of the loan agreement due to unfair terms. According to the newspaper, for the so-called frankowiczów is a very favorable opinion, actually giving them a chance for a free loan.

There will be new lawsuits of frankowiczów

“Although the ombudsman’s position is not a judgment of the CJEU, which is to be issued in the middle of the year, lawyers have no doubts that a new wave of lawsuits from the so-called frankowiczów can already be expected,” Rzeczpospolita reports.

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“Many of them were afraid of a lawsuit from the bank for remuneration for the use of capital, and therefore withheld the decision to sue the bank. The opinion dispels the borrowers’ doubts, which may lead them to file a lawsuit” – Marcin Szołajski, legal counsel quoted by the newspaper, estimates at Szolajski Legal Group.

The most costly consequences

As the daily emphasizes, “the more cases and the greater the chances of their positive resolution in court, the more banks have to create provisions for this purpose.” “Our analysis shows that the consequences of the opinion and the final judgment of the CJEU may be the most costly for such banks as Bank Millennium, mBank, PKO BP or Santander. In the past, they granted the largest number of CHF loans. Currently, their share in the entire loan portfolio of these entities has significantly decreased but still quite high.

In Bank Millennium it is 8.1 percent, in mBank – 5 percent, in Santander – 4.9 percent, and in PKO BP – 4.4 percent,” reports “Rzeczpospolita”.

Read more: “Free credit” and “dramatic consequences”. There is a position of the Polish Financial Supervision Authority>>>

Main photo source: Shutterstock



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