The court in Suwałki sided with the borrowers, not the bank, and invalidated the mortgage loan based on the WIBOR index – reported “Gazeta Wyborcza” on Friday. This is the first such verdict, although it is not final yet, the daily adds.
The case concerns a mortgage loan agreement concluded in 2015 with Getin Noble Bank (currently VeloBank). In its judgment of January 22, the District Court in Suwałki – as “GW” reported – stated that it was invalid.
The bank must return the money
“The bank is to pay borrowers a total amount of PLN 245,943.93, along with statutory interest for delay from April 26, 2024. Additionally, the bank is to cover the costs of the process in the amount of PLN 11,817.00 along with statutory interest,” we read in the article.
“GW” also quotes the words of legal advisor Beata Strzyżowska: “The bank employee, who was a witness in the case, did not know who creates the WIBOR index, did not know the concept of fixing, did not know how this index is determined, and what is more, he pointed out that during training organized by the bank it was precisely indicated what information should not be provided to consumers.
“The court found that the bank employee, without appropriate knowledge, could not properly inform customers in this regard,” she added.
What is WIBOR?
The newspaper reminds that it is WIBOR, together with the bank's margin, that determines the interest rate on loans. “With increases in interest rates and the WIBOR index, borrowers, hand in hand with lawyers, went to court to sue banks and prove that the index could have been manipulated by banks. Especially since such operations can be profitable for banks, because the higher WIBOR, the more they earn.” – added “GW”.
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