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Judgment of the CJEU on CHF loans – expert commentary in “Fakty po Faktach” TVN24

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All franchise holders can enjoy the judgments of the Court of Justice of the European Union – said Dr. Aneta Wiewiórowska-Domagalska, an expert on EU consumer law, the Institute of Legal Sciences of the Polish Academy of Sciences, the law firm Hoffman Taborowski and Partners, in “Fakty po Faktach” on TVN24. In turn, Prof. Paweł Wojciechowski, Institute of Public Finance, former Minister of Finance, pointed out that the amount of costs that banks will incur in connection with the verdicts is twice the annual profits.

Court of Justice of the European Union issued two judgments on Thursday in cases brought against banks by consumers who took out loans denominated in Swiss francs. Both are beneficial for “francowicze”. The CJEU found that the bank has no right to demand compensation from the consumer that goes beyond the return of the paid-out capital and that the courts may order an interim measure in the form of suspension of loan installments during the trial to determine the unfair nature of the contract terms.

The CJEU decided on Swiss franc loans. READ MORE >>>

Judgments of the CJEU on CHF loans – comments

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Dr. Wiewiórowska-Domagalska is of the opinion that “all” franchise holders can enjoy the judgments of the CJEU. – First of all, the Tribunal decided, which was not a big surprise for some Polish courts, because they had already ruled that the bank cannot demand anything from the consumer except what it paid him. However, he did not exclude the possibility that the consumer may demand something more from the bank, she said.

She added that “this has been the biggest deterrent to consumers from suing banks so far.” – Banks sued customers for additional fees over and above what they paid out. This is the first reason for satisfaction. The second reason is the decision in which the CJEU said that if the consumer is against the bank, the effectiveness of consumer protection requires that he receives collateral. So that he does not have to repay his loan for the duration of the process, even if this loan has not yet been fully repaid, she explained.

Prof. Wojciechowski referred to the comment of the president of the Polish Bank Association, Tadeusz Białek, who stated that the Thursday judgment of the Court of Justice of the European Union will reduce the possibility of financing the economy by banks, and the costs of such a decision will be borne by all bank customers.

– Banks always have the option to pass on the costs to customers, but they also have the option to use their profits. If we look at the amount of costs that the banks will incur, it is twice the annual profits, i.e. two-year profits – he said.

KNF on the judgments of the CJEU

The KNF announced in a communication that it expects banks to take into account the CJEU ruling in their models of creating provisions for legal risk related to the portfolio of mortgage foreign currency loans and still expects banks to take an active stance in the field of systemic solution to this problem in the form of offering settlements to clients.

Read also: What do the judgments of the CJEU mean for franchise holders? >>>

Main photo source: TVN24

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