CJEU v. banks – another triumph for francophiles
New article on our law firm’s legal blog. “CJEU v. banks – another triumph for frankovichs” – dated June 15, 2023, represents a breakthrough in the battle of frankovichs against mortgage banks. The authorship of this article belongs to a member of our team, barrister Damian Nowicki, an experienced lawyer with many years of litigation experience and leader of the litigation and recovery department at our law firm.
On this day, the Court of Justice of the European Union announced two rulings that bring concrete losses for mortgage banks and provide hope for francophone borrowers to successfully assert their rights. The first case (C-520/21) concerned additional claims by the parties in the event of contract cancellation. The CJEU Advocate General gave a favorable legal opinion for the borrowers, and the CJEU confirmed this opinion. The banks were forbidden to sue francophiles for remuneration for non-contractual use of capital, while borrowers can claim remuneration for the use of principal and interest installments and additional costs. They are also entitled to default interest from the date of the demand for payment.
The second verdict (Case C-287/22) is a ruling that courts should grant borrowers’ requests to suspend installment payments during the course of annulment proceedings.
These two rulings are aimed at improving Poland’s civil judiciary and will irreversibly affect the banks’ losses. They represent an important step in the fight of frankovichs for their rights. For more details on this topic, see the article by barrister Damian Nowicki on our legal blog page: https://biznesprawnik.pl/2023/06/26/tsue-przeciwko-bankom-kolejny-triumf-frankowiczow/.
We are confident that the publication of the article will provide you with valuable knowledge and enable you to better understand the complex issues related to franking credits.
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