The published sentence states that consumers should be given clear and sufficient information about the calculation of the IRPH. However, it confirms that it is for state courts to verify that this has been the case.
This has been determined by the Court of Justice of the European Union (CJEU). It should be ensured that the consumer with a mortgage that refers to the IRPH enough information about the calculation method of the index and that it was accessible. However, it says so in the statement It is for the state’s judicial authorities to verify its importance and accessibility of said information.
The verdict published this Thursday answers questions from a court in Palma de Mallorca about a mortgage held by Banco Santander that references this index. This is what the European Court indicates in this case when making this assessment a 1994 Bank of Spain circular is relevant from which it can be deduced that a negative difference had to be applied to the IRPH, which was not communicated to the consumer. So the CJEU urges the state court to check or an average consumer could be required to collect that information himself.
The Mortgage Loan Reference Index (IRPH) has been the subject of numerous appeals and rulings from both the Spanish courts and the CJEU. The latter’s rulings have given rise to differing interpretations by state judges as to their opaque or offensive nature.
(We are working to expand the information)
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
