LATEST NEWS ON IRPH

 In the latest update we sent you regarding the IRPH, we informed you that the EU Advocate General was due to draw up a report in autumn 2019 on whether or not he considers the IRPH index and its inclusion in millions of mortgage loans to be unfair.

Today, 10 September 2019, the report in question has been published, in which the Advocate General of the EU concurs with the view consistently upheld by our firm; that «the mathematical formula for the calculation» used by the banking sector is «complex and lacking in transparency for the average consumer» and, furthermore, that the clause «is not excluded from the scope of the Directive» European Directive 93/13, which allows judges and courts to declare such clauses void and, consequently, to order the repayment of sums unduly received by the banks.

As we mentioned earlier, this report, is not binding, but it usually guides the decisions taken by the Court of Justice of the European Union (CJEU), which must now deliver a judgement providing a clear ruling on whether or not the interest unduly received should be refunded to millions of users and consumers.

We shall continue to await a final resolution of the matter, but not before welcoming the endorsement provided by the conclusions of the EU Advocate General.

We will keep you updated,

The team at Auris Advocats