The Supreme Court submits the case of the Adicae floor clauses to the CJEU

The Supreme Court has decided to submit to the Court of Justice of the European Union (CJEU) the case of the floor clauses of the Association of Users of Banks, Savings Banks and Insurance (Adicae).

Thomas Osborne
Thomas Osborne
05 July 2022 Tuesday 10:04
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The Supreme Court submits the case of the Adicae floor clauses to the CJEU

The Supreme Court has decided to submit to the Court of Justice of the European Union (CJEU) the case of the floor clauses of the Association of Users of Banks, Savings Banks and Insurance (Adicae). The collective macro-demand filed by Adicae is directed against 101 banks and savings banks that in the past sold mortgage loans that included floor clauses so that interest never fell below a certain percentage.

After a long legal battle, the Supreme Court decided on June 1 to open a period of ten days for the parties to rule on the advisability of formulating a preliminary ruling to the CJEU to resolve some controversial issues.

Most financial institutions agreed to refer the matter to the European courts. And therefore, the Supreme Court agreed to push the issue forward despite the opposition of Adicae and the Prosecutor's Office, which did not consider this action necessary. In fact, yesterday Adicae called the resolution "shameful" considering that the Supreme Court "kicks forward to evade its responsibility, unfortunately returning the matter to the first days, more than 12 years ago", and denounced that "It's crushing hundreds of thousands of consumers."

The heart of the matter lies in the difficulty of unifying the criteria since Adicae sued practically all of the country's financial entities for the application of different formulations to apply floor clauses.