According to ABN, the judgment based on a wrong interpretation of European rules and rulings, and gave the market led to an increase in interest rates.
The court in Amsterdam ruled in November that the alleged ABN conditions are not valid and the bank the money basically have to repay to people who would have paid for years many mortgage. “As long as the legal process runs ABN Amro have customers not paying back,” said a spokesman for the bank.
According to the claim foundation Stop the Banks would involve an amount estimated at between 30 and 65 million
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Trial
Stop the Banks started in 2012 together with the Foundation Euribar a lawsuit on behalf of hundreds of victims connected.
the reason was that the bank had announced additional interest charges intervening unilaterally for over four thousand customers with so-called Euribor mortgage, completed in 2005-2009.
Euribor
With these mortgages, the interest rate is adjusted monthly or quarterly on the so-called Euribor. That is the interest rate which European banks charge each other for short-term loans.
The mortgage interest rate was also incorporated an interest surcharge. As conditions allow, the bank has increased the interim storage. The judge does not agree to increase, because it is not clear to the customer. The judge speaks of “unfair or deceptive trade practices.”
ABN states that have done nothing wrong with raising the interest rate, and therefore appealed the ruling.
What you should know about the Libor rate
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