1. The Advocate General does not consider the IRPH or the clause incorporating it into the loan contract to be either void or abusive.
2. The Advocate General reaffirms that Spanish courts are competent to assess, in each particular case, compliance with transparency obligations and recalls that on December 14, 2017 the Supreme Court already ruled on a similar contractual clause.
3. In any case, in this particular instance, the Advocate General considers that the transparency requirements set out in Directive 93/13/EU have been met, taking into account that the IRPH is an official reference index published in the Official State Gazette of Spain.

Due to their relevance, a series of paragraphs taken from the Advocate General’s document are included below:

• “Indeed, the consumer could have foreseen and calculated the economic burden derived from the loan and should have been able to assess it prior to entering into the contract” (paragraph 119).
• “the plaintiff… was aware of the fact that the amount of the payments he was required to make were the result of the sum of the IRPH Cajas index plus the spread and that, on the other hand, the specifics on how this IRPH Cajas index is calculated was accessible, as it had been published in Spain’s Official State Gazette” (paragraph 122).
• “based on the fact that the IRPH Cajas is an official reference index published in the Official State Gazette, it can be presumed that the average consumer should be able to easily access the calculation systems of the different official indexes and compare the different options offered by banking institutions” (paragraph 123)
• “These considerations, taken as a whole, lead me to conclude that the banking institution complied with the transparency requirement established by Directive 93/13” (paragraph 124).
• “it is for the national court to perform the verifications it deems appropriate in this respect” and that “it is for this national court… to verify whether the banking institution fulfilled the information requirements set out in Circular 8/1990” (paragraph 124).

La entrada Statement regarding the European Court of Justice (ECJ) Advocate General’s position on the IRPH se publicó primero en Asociación Española de Banca.

This section aims to provide information so that consumers of financial products and financial institutions understand how the United Kingdom’s departure from the EU may affect them. It also provides access to information on the contingency measures being adopted at both national and European levels in the area of financial services. Consumers, economic operators, and national and EU authorities must prepare for two main scenarios that may arise from the negotiations between the United Kingdom and the EU regarding the withdrawal agreement and the future relationship between the parties.

These are two possible scenarios:

• If the withdrawal agreement is ratified before March 30, 2019, EU law will cease to apply in the United Kingdom on January 1, 2021, following a transitional period of 21 months.
• If the withdrawal agreement is not ratified in the United Kingdom before March 30, 2019, and the British authorities maintain their intention to leave the EU, the departure will occur without a transitional period and EU law will cease to apply in the United Kingdom from March 30, 2019.

At the national level, to prevent the uncertainty surrounding the United Kingdom’s withdrawal negotiation process and the loss of access to the European market from affecting financial stability or harming clients of financial services, Royal Decree-Law 5/2019 of the Ministry of Economy and Business includes a section with contingency measures related to financial services.

This section complements the measures adopted by the European Commission, which has limited its action to ensuring the critical functions of the European financial system that depend on access to the UK market.

The main measures of the decree-law are:

• Continuity of contracts. A framework is established to ensure the continuity of financial services contracts provided in Spain by financial institutions established in the United Kingdom or Gibraltar, entered into prior to the United Kingdom’s withdrawal but with maturity dates after the withdrawal.
• Temporary regime. The loss of the EU passport means that financial institutions established in the United Kingdom or Gibraltar will have to adapt to third-country regimes to continue providing services in Spain, including those services resulting from contracts already in force (for example, renewal or modification). However, a temporary regime is established—for a period of 9 months—to ensure that adaptation to third-country regimes does not cause disruption in the provision of services associated with such contracts or, alternatively, to facilitate the relocation or termination of contracts if the institution does not wish to continue its activity in Spain. The temporary regime is enabled for activities subject to authorization. Activities related to contract management that do not require authorization may continue to be carried out without the need to use the temporary regime.
• User interests. The financial authorities—Banco de España, the National Securities Market Commission, and the Directorate General of Insurance and Pension Funds—may adopt, within their respective areas, any measures deemed appropriate to ensure legal certainty and to safeguard the interests of users of financial services who may be affected by the United Kingdom’s departure from the EU.

The full text of the decree-law can be consulted here

Below, we provide some of the pages set up by Spanish and European institutions, as well as some private entities in relation to Brexit.

Ministry of Economy and Business

Bank of Spain

CNMV

European Commission

European Parliament

• Brexit Steering Group

European Banking Federation (EBF)

La entrada Brexit: Are You Prepared? se publicó primero en Asociación Española de Banca.

The SPANISH BANKING ASSOCIATION (AEB) is committed to ensuring that personal data are protected and not misused. By providing personal data and using our website, it is understood that you have read and understood the terms related to our privacy policy.

AEB is committed to complying with current national and European data protection legislation (General Data Protection Regulation – Regulation (EU) 2016/679 of 27 April 2016, GDPR) and to processing your data lawfully, fairly and transparently.

I. Data controller for your personal data

SPANISH BANKING ASSOCIATION

Tax ID (CIF): G-28515153

Registered office: Paseo de la Castellana, 259 D, Torre Espacio, 30th Floor, Madrid (28046)

Email: privacidad@aebanca.es

II. Information on the use of personal data (GDPR)

Use of personal data

AEB processes personal data solely for the purpose for which they were collected. Specifically, in order to provide general, financial or economic information, and other information related to the Association’s activities.

Processing of the following data:

• Data of collaborators and contacts

These data are processed in order to maintain and develop the relationship that may be established between the parties, as well as to send information about AEB services, activities and events of interest.

• Cookie data

Cookies may be used when the user browses the different screens and pages of our website in order to recognise users so that we can offer them a better and more personalised service. However, in this regard, the user may control the security level of their device through the corresponding option available in their browser program.

In addition, the information obtained is completely anonymous and in no case can it be associated with a specific or identified user.

Lawful basis for the use of data

Processing will only be lawful if the data subject has given consent to the processing of their data or if processing is necessary for the purposes of the legitimate interests pursued by the data controller.

Retention periods

The personal data provided will be retained and processed to the extent necessary for the purpose for which they were collected and according to the legal basis for their processing, in accordance with applicable law.

AEB will retain personal data for as long as a relationship exists or until the right to erasure, cancellation and/or restriction of the processing of your data is exercised.

Data subject rights

The data subject may exercise at any time, under the terms established by current legislation, the rights of access, rectification or erasure of data, as well as request that the processing of their personal data be restricted or revoke their consent, by contacting the SPANISH BANKING ASSOCIATION by email: privacidad@aebanca.es, clearly stating the right they wish to exercise and enclosing their National Identity Document or similar identification document that proves their identity.

Security

Your data will be processed with an appropriate level of protection in accordance with current Data Protection regulations.

Disclosure of personal data

AEB will not disclose personal data to third parties, except with the data subject’s authorisation or in compliance with a legal obligation.

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La entrada General Data Protection Regulation se publicó primero en Asociación Española de Banca.