Barclays Bank Mortgage multicurrency annulled in Valencia
The Commercial Court No. 1 Valencia has declared invalid the multicurrency clause in a mortgage loan from Barclays Bank in sentence 22 February 2016.
Customers hired one multicurrency mortgage by 425.000 euros that were referenced on in yen and Swiss francs and despite having been paying religiously for years, the date of the demand had more capital than at the beginning.
The plaintiff requested partial annulment of a multicurrency mortgage loan and a declaration that the amount owed is the outstanding balance of the mortgage, referenced to euribor, that resulted from subtracting the initial loan amount (425.000 euros) the amount repaid in euros of principal and interest. The mortgage loan would remain and apply the LIBOR plus a 0.75% differential.
Alternatively total nullity of the contract was requested, condemning the financial institution to make a mortgage loan with Euribor plus 0.75 euros Differential.
Last, also it asked secondarily, the declaration of termination of the contract for breach of the obligations of diligence and good faith by the bank, with compensation for damages.
According to the applicant, the multicurrency term is unfair for breach of good faith and to cause a significant imbalance to the detriment of consumers. Violate Articles 1 and the LCGC 3 and 82 the TRLGCU.
The bank for its part claims that the multicurrency clause It is not a general condition of recruitment, which it is part of the price and therefore an essential element of the contract on which it can not control the abusiveness and that does not involve imbalance and lack of reciprocity between the parties.
To the Judge:
1.- This is a general condition of recruitment
such clauses, They are characterized by predisposition by the company, its imposition (the client can only join and no individual negotiation) and his generality (incorporated into a plurality of contracts).
Being consumer contracts, the burden of proving that there have been individual negotiation corresponds to the enterprisea (82.2.II TRLGCU) and the bank has provided no evidence about.
2.- Does not exceed transparency control
Does not approve the demanding test of transparency imposed by the Supreme Court Judgment 9 May 2013, for It is not reasonable to think that the plaintiff understood the legal and economic burden of multicurrency clause. The actors were not experts in this matter.
3.- Integration Contract
Having failed the transparency control, the annulment of the multicurrency clause declaring, and the contract is referenced in euros, to which the rate applies provided for these, being LIBOR plus 0.75.
The bank must redo the amortization table, computing all payments made by the customer in euros from the beginning of the contract and calculating the outstanding principal in euros.
It condemns Caixabank (Barclays Bank successor) to pay the costs.
The accumulation of recent favorable rulings in favor of the customers who hired one multicurrency mortgage, It paves the way for a solution.