The ECJ On Term For Repayment Of Unfair Loan Agreement - Lexology

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Register The ECJ on term for repayment of unfair loan agreement Orsingher Ortu Avvocati Associati European Union July 7 2021

On 10 June 2021, the EU Court of Justice (ECJ) issued its judgment in case C-609/19 and in Joint Cases C-776/19 to C-782/19 (BNP Paribas Personal Finance v. VE) holding that a consumer who has taken out a loan denominated in a foreign currency and who did not know that a term in the loan agreement was unfair pursuant to Directive (EEC) No. 1993/12 of 5 April 1993 (on unfair terms in consumer contracts), cannot be subject to any limitation period for the repayment of sums paid on the basis of that term. In particular, in that case the information provided by the lender to the consumer concerning the existence of a foreign exchange risk did not satisfy the requirement of transparency, given that it was based on the assumption that the exchange rate between the account currency and the payment currency would remain stable throughout the term of the agreement.

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Filed under

• European Union
• Banking
• Litigation
• Orsingher Ortu Avvocati Associati

Organisations

• CJEU

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• Court of Justice of the European Union

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