Dec
21
Spanish Banks Lose EU Case on Mortgage Interest Repayments
By-
EU court ruling concerns ‘mortgage floors’ on Spanish loans
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Threat of retroactive repayments weighed on banking industry
Spanish banks, including Banco Popular Espanol SA and Banco Bilbao Vizcaya Argentaria SA, may have to give back billions of euros to mortgage customers after a final ruling by the European Union’s top court. Bank shares tumbled by as much as 10 percent.
Borrowers who paid too much interest on home loans pre-dating a May 2013 Spanish ruling on so-called mortgage floors are entitled to a refund from their banks, judges at the EU Court of Justice ruled in Luxembourg Wednesday…
Spanish Banks Lose EU Case on Mortgage Interest Repayments
