The Court of First Instance 7 of Pamplona has ruled two new sentences that they cancel the IRPH-Boxes and that allow the affected person to choose the best option to “compensate the economic damage caused”, as reported by the Association of Financial Users (Asufin) through a statement. Specifically, it explains that the judge has asked the affected person about the “way forward”: on the one hand, there is the possibility of cancel the entire contract, with the return by the financial institution of the interest collected; or the replacement of the index by the Euribor.
The association points out that, in this way, the doctrine established by the Court of Justice of the European Union (CJEU) in its last ruling on the IRPH index, of November 17, 2021, by which the judge must give the consumer a choice if he opts for the nullity of the contract, “with all its consequences”, or that the judge apply a substitute.
The president of Asufin, Patricia Suárez, points out that these sentences are “exemplary”, since “they give the floor to the affected person and allow him to choose what is best for him.” “Once the IRPH is declared invalid, the judge gives the client the possibility to choose how to be compensated,” he concludes.
Euribor in December
The Bank of Spain confirmed at the beginning of the year that the Euribor, the index to which most of the Spanish mortgages, closed the month of December at -0.502%, which represents a decrease compared to the -0.487% registered in the previous month. This means that 20-year mortgage loans of 120,000 euros with a differential of Euribor + 1% to which they have to review will experience a reduction of 3.72 euros in their annual installment compared to the same month last year or, what is the same, 0.31 euros per month.
On the other hand, the Bank of Spain has eliminated the Míbor of the list of official interest rates, although it maintains this character for operations formalized prior to January 1, 2000. Regarding the new interest rates Now published, the one-week Euribor stood at -0.58%, -0.596% for one month, -0.582% for three months and -0.545% for six months.
–
