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posted 8 years ago
Swiss Franc loan contracts involved thousands of borrowers in default both in Cyprus and other Balkan and European countries. This particular banking product that had been promoted especially in the early 2000’s resulted in a severe socio-economic problem due to its adverse effects suffered by borrowers due to the depreciation of the exchange rates. The indignation of borrowers that observed a substantial increase in their balances on their loans and payments forced them to resort to legal measures to defend their legal rights and entitlements.
The start of the judicial processes in various other European Courts and their decisions in
Recently, in
The Plaintiffs (borrowers), as with the majority of bona fide borrowers, paid their loan
Swiss Franc borrowers were forced to convert their funds to pay their loan
The Plaintiffs (borrowers)in this particular case requested the issuance of a protective interim order under the provisions of Article 32 of law 14/60
The Cypriot Court on correctly interpreting the European Directive 93/13/EEC on the unfair terms in loan contracts applied the European Precedent of the European decision C-26/13 Kasler and
It is on this basis that the Cypriot Court, directed the decision of the European Court of Justice in the case of Kasler for the understandable wording of terms so that they are meaningful and clear to a borrower.
It is widely viewed that the judge’s decision will primarily focus on ‘whether the manner and kind of lending
The Court rightly determined on the case that the borrower was not in a contractual position to have knowledge of the entire sum of the loan and the obligations/relationship between the lender and the borrower. In these types of loan
The first Cypriot judgment (albeit interim) regarding Swiss franc loans in conjunction with the European Legislation and Case Law are formidable safeguards that are available to borrowers in difficulty to restore their financial losses they have suffered through the Courts.
The content of this article intends to provide a general guide to the subject matter. Specialist advice should be sought
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