The keys to the IRPH ruling on mortgages and other economic news


Madrid

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1.-The European Justice urges to replace the IRPH with another index if the mortgage was commercialized in an abusive way. European Court’s Solomon decision on the possible abuse of mortgages linked to the Mortgage Loan Reference Index (IRPH). Nor will there be a massive compensation to customers with a credit referenced to this index, nor will the bank be free of eventual compensation to its customers. The Court of Justice of the European Union (CJEU) has ruled that Spanish courts must ensure that this indicator to calculate the mortgage fee was included in the contract in a clear and understandable way, and urges replacing it with another legal index (the Euribor, for example, although it does not cite it) if they determine that the credit was actually traded abusively.

2.-How does the sentence of the European Justice affect those who have a mortgage linked to IRPH? The ruling of the Court of Justice of the European Union (CJEU) on mortgages referenced to IRPH has left a bittersweet feeling in those financial consumers who claimed that their financial institution had included this index in their loan in an abusive way. The European Justice urges the Spanish judges to review on a case-by-case basis and, if it is determined that it was effectively marketed without adequate transparency, that index can be replaced by another such as the Euribor instead of declaring the loan void. This opens the door to enormous litigation.

3.-This is what those affected can recover if the judge rules that the mortgage with IRPH is abusive. The Court of Justice of the European Union (CJEU) has ruled on Tuesday that Spanish judges should review on a case-by-case basis whether mortgages with an IRPH index were marketed abusively, which opens the door to void them when so dictated. In conclusion, Spanish judges could declare their application abusive in those mortgage contracts in which The banks included it without explaining to the client what this reference was and what its method of calculation was. Therefore, those affected could recover everything paid too much for this rate.

4.-The Ibex 35 records strong increases encouraged by the rebound in Wall Street and the ruling of the IRPH. For the second day in a row, the Ibex 35 returns to record increases encouraged by the 5% rebound on Wall Street the day before. Thus, the main selective of the Spanish Stock Exchange this Tuesday rises 2.12% and approaches 9,000 points. Waiting for the G7 finance ministers (USA, Canada, France, Germany, Italy, Japan, and the United Kingdom) and the Eurogroup to hold a telephone meeting to “coordinate their responses” to the coronavirus, the Stock Exchange Spanish scored 210 points, that 2.12%, up to 8,952.30 integers, at 9.30 a.m.

5.-Unemployment falls by 7,806 people in February, to a total of 3,246,047 unemployed. The unemployment registered in the offices of the Public Employment Services was reduced last February by 7,806 people in February, up to a total of 3,246,047 unemployed people compared to the same month of the previous year. In seasonally adjusted terms, unemployment decreased in February by 19,043 people, while in the last year unemployment accumulated a decrease of 42,993 people (1.3%). In seasonally adjusted terms, unemployment decreased in February by 19,043 people, while in the last year, unemployment accumulated a decrease of 42,993 people (-1.3%).

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