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Accepted for processing a lawsuit against 45 banks for 'ground provisions'

The Commercial Court number 11 of Madrid has agreed to process the largest class-action lawsuit filed in Spain against 45 financial institutions for the implementation of so-called 'ground provisions' of mortgages, according to the order made on 4 February, which had access to Europa Press. Judge Miriam Iglesias
and accepts the application filed by the consumer association Adicae and opened a period of two months for all those affected by this type of products and savings banks can attach to the process to "enforce their rights. "
addition, the judge shall forward the complaint to the prosecutor for a decision in this regard and has opened a separate piece to decide whether to adopt the precautionary measure requested by Adicae immediately paralyze the inclusion of these clauses in mortgage lending until the end of the process.
For now, the lawsuit has been filed on behalf of about 400 bank customers, and it calls the invalidity of these clauses by gross disproportion between the floors and ceilings on interest rates fixed mortgage contracts.
soil Clause sets a minimum threshold percentage of interest payable, which has prevented many users have benefited from the falling Euribor, the main benchmark in variable rate mortgages. These clauses were traded mainly between 2007 and 2008.
According to a report by the Bank of Spain at the request of the Senate, in Spain there are 3.8 million people with these types of clauses in their mortgage contracts. Adicae estimated that in 2010, the banks and admitted between 3,500 and 7,000 million euros for these clauses against consumers, according to figures provided to Europa Press.
defendants banks are BBVA, Banco Pastor, Banco Sabadell, Banco Popular, Banco Guipuzcoano, Banco de Galicia, Banco Gallego and Basque Bank. The demand savings are La Caixa, Caixa Galicia, Caixa Immaculate, Caixa d'Estalvis de Girona, Caixa Manresa, Caixa Nova, Caixa Ontinyent, Caixa Penedes, Caja Rural de Baleares, Caixa Sabadell, Caixa Tarragona, Caja Castilla-La Mancha, Caja Círculo de Extremadura Caja de Ahorros, Caja de Badajoz, Caja Duero, Caja España, Caja Canarias and Unicaja. In
yet, they Suman Kutxa, Caja Granada, Caja Insular de Ahorros de Canarias, Multicaja, Caja Rural de Asturias, Caja Rural de Cuenca, Caja Rural de Granada, Caja Rural de Navarra, Caja Rural del Sur, Caja Segovia, Caja Sol Caja Sur Cajalon, Caja Mar, Caja de Ahorros de Catalonia, Tarragona, Manresa Savings Banks Manlleu Sabadell Union Terrace, Celerin Credifimo y Servicios Financieros.
In October 2010, the number Juzgado de lo Mercantil Sevilla 2, issued the first ruling in Spain said ground abusive clauses in mortgages with two banks and three savings banks, who are forced to remove them and to refrain from use in subsequent contracts. This decision is contested on appeal before the Provincial Court of Seville.
The judge then concluded that the abuse lies in the "clear mismatch" between the floor and ceiling of mortgage lending, which provides a benefit to the bank that has no "reciprocity to the detriment of consumers."