In light of today’s ruling by the Court of Justice of the European Union (CJEU), the Spanish Banking Association (AEB) and CECA consider that:
- The CJEU confirms that publication in the BOE of the Bank of Spain Circular containing the IRPH calculation formula is sufficient to understand how it works.
- In addition, according to the CJEU, compliance with banking transparency regulations, which banks have been meeting, confirms that the IRPH clause was transparent.
- Even if a judge were to consider that, in a specific case, the clause was not transparent, the effect would be the replacement of the applied IRPH cajas (or IRPH bancos, as applicable) with IRPH entidades, whose value is virtually identical.
- The Supreme Court had already ruled in favour of a similar contractual clause in a judgment of 14 December 2017.
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