Claims to Banks

In the past 5 years there have been many law suits filed against Spanish banks and Cajas (savings banks) by their customers relating to the inflexibility of interest rates after the financial crisis of 2008.

The vast majority of these cases based their actions on what is termed “abusive clauses” – and focusing on the “floor clauses” essentially the way the banks and cajas set unacceptable minimum interest rates, regardless of how low the Euribor/interbank rate fell, especially after the financial crash of 2008. This applies to Residents and Non-Residents.

The Spanish High Court ruled in 2013 that these clauses were null and have no effect on the calculations for the reviewing of the interest, although in the beginning the effect for claiming undue interests and capital were taking to the moment when the mortgage was stablished, in 2015 the same High Court ruled that the time limit for claiming back those amounts was the time when the ruling that declared these clauses null.

The European Courts of Justice (ECJ) on 21st December 2016 overruled the Spanish High Court and expanded the period of claims with no time limit attached. This ruling has now been accepted by those Spanish banks and Cajas involved and they have consequently made provision “collectively” of 4.5 billion Euros to cover their liabilities.

A Spanish legal representative is convenient and advisable for all potential claimants to register their claim with a view to settling “out of court” with the banks concerned or to proceed with the much more protracted individual litigation.

If you want to know more about the options for your claim, contact us on 0034968521008 / 0034968521008 or e-mail to: We will be please to help you.