FACUA finds positive that EC requires banks to refund all the amounts overcharged because of the base lending rate

FACUA-Consumers in Action finds positive that the European Commission (EC) has decided to protect Spanish consumers’ interests in their written pleadings submitted to the Court of Justice of the European Union (CJEU) about the retroactivity of the refund of the amounts overcharged by banks because of the base lending rate.

In their pleadings, EC opposes the only sentence of the Spanish Supreme Court that nullifies the base lending rate (a minimum fee in mortgages that prevent consumers from taking advantage of the Euribor drop). This sentence was considered by FACUA as «unbelievable», since it condoned the huge amounts that banks had irregularly profited during years from an enormous number of mortgages in Spain.

The Supreme Court sentence only allows for the