The Code of good practice on “floor clauses”: Is the best solution to comply with the European Community Court judgment about it?

Given the lack of provision by banks to implement a mechanism to handle all claims of clients, the Government intervenes to find possible extrajudicial ways to comply with the ruling of the CJEU.

In order to comply with the ruling of the EU Court of Justice (ECJ) that establishes the retroactivity of what is collected by the ground clauses, possible extrajudicial avenues are opened for the return of what has been collected from those affected. One of them, the proposal by the Government and Citizens’ Support, is to develop a Code of Good Practices to implement a procedure that allows processing the return to customers of interest charged by banks. The measure seeks that the banks return the ground clauses with cash or amortizing the mortgage.

However, this agreement arises with controversy since its adhesion would be voluntary by the Banks.

For the Socialist Group, in the Spanish Parliament, this route does not guarantee an effective solution and claim that, as a minimum, it is processed as a bill to be able to change it, and they maintain their idea of ​​guaranteeing to those affected a “fast, zero-cost and without Bank withdrawals”.

In addition, the Government wants to force the banks to create special units to meet and set deadlines and formulas the repayment of interest.

Control by Treasury of the return of the floor clauses: The Minister of Finance and Public Function, Cristóbal Montoro, has announced that he will intervene in the return of the soil clauses to analyse possible fiscal implications.

Specifically, the Tax Agency will analyse the deduction for purchase of habitual residence in the IRPF that the affected taxpayers could enjoy, since that deduction is related to the mortgage payment they paid. In this way, if you now receive a portion of the overpaid for the floor clauses, the deduction that were applied on your day should also be lower and, therefore, should refund the excess to the Treasury.

We will be alert to the next weeks to see the evolution of this important matter. We will keep you update. We recommend that you DO NOT initiate any judicial claim procedure until you have definitively clarified the scenario to proceed to request the return of the amounts unduly charged by the bank in your mortgage by applying the “floor clause”.

Sáenz & Associates, Attorneys / Lawyers

Santiago Sáenz

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