{"id":11606,"date":"2022-02-11T12:06:27","date_gmt":"2022-02-11T11:06:27","guid":{"rendered":"https:\/\/www.white-baos.com\/?p=11606"},"modified":"2022-02-11T12:06:32","modified_gmt":"2022-02-11T11:06:32","slug":"claims-against-banks-new-success","status":"publish","type":"post","link":"https:\/\/www.white-baos.com\/en\/claims-against-banks-new-success\/","title":{"rendered":"Claims against banks. The mortgage swap or the interest financial swap. New legal success against banks. Spanish banking law"},"content":{"rendered":"\n

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White BaosAbogados have extensive and successful experience in claims against banks. Today, we want to share a new court success. We have won on appeal, before the Provincial Court of Alicante, a claim for a mortgage swap or financial exchange of interest, against Bankinter bank. You can consult the court decision on our website.<\/a><\/p>\n\n\n\n

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What are swaps or financial interest swaps sold by Spanish banks?<\/u><\/strong><\/h2>\n\n\n\n

Swaps, Clips, etc, they were sold by the Spanish banks to their clients, as something that assured them that if the variable interest rates on their mortgage loans rose, they would not be affected. But, the banks did not explain, that with these swaps, the variable loans are referenced to a fixed interest rate. Thus, although it is true that if the variable interest rate of the mortgage loan rose, above the new fixed rate, the bank would compensate the client, and the client would never pay more than the new reference rate. It is also true, that if the variable interest of the loan fell, the client had to pay the difference to the bank.<\/p>\n\n\n\n

Thus, these products that were sold as insurance to customers, in the event of a possible rise in interest rates; they also had a risk, because in the event of a fall in the reference rate of the loan, the client must compensate the bank.<\/p>\n\n\n\n

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They are complex financial products<\/u><\/strong><\/h2>\n\n\n\n

These products have been qualified by Spanish courts as complex financial products. Therefore, banking entities had to provide customers with sufficient information about the product, its operation, risks, etc.<\/p>\n\n\n\n

However, banking entities normally did not provide clients with all the information required by the specific regulations applicable to this type of contract.<\/p>\n\n\n\n

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Burden of proof of Spanish banking entities<\/u><\/strong><\/h2>\n\n\n\n

Thus, in these cases, it is up to the banking entities to demonstrate that they have complied with their legal obligations, and provided customers with the information set out in the regulations. In addition, banks have a greater facility to prove what has been agreed, and information provided to customers.<\/p>\n\n\n\n

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