Reclaiming from the banks…



Adeje council, through the OMIC (the municipal consumers office), can supply members of the public with a standard letter form to initiate the reclamation process if agreement hasn’t been reached

Adeje council, through the municipal consumers office under the auspices of the department of health, (Councillor Amada Trujillo Bencomo), in collaboration with the financial consumers organisation ADICAE, held an information event on Wednesday for members of the public affected by mortgage floor clauses and related matters.

The event was organised following a series of judgements on the matter by both the Spanish supreme court and the European courts, who have deemed that, in principal, banks must return excess interest that may have been charged to mortgage holders who had a ‘floor clause’ in their mortgage, in effect limiting the amount interest payments could drop, regardless of the Euribor (the Euro Interbank Interbank Offered Rate). In principal the courts have ruled that where the clause was non-transparent, the consumers have the right to money back.


The Adeje council, through OMIC, are preparing standard forms that members of the public can use in initiating a claim with their banks if no adequate offer has been made under the Royal Decree, Real Decreto Ley 1/2017. This decree sets out the means by which members of the public should be able to reclaim monies due. The banks and lending institutions affected have been given a month by the authorities to set in place the machinery for processing claims and facilitating repayments. Banks, upon receipt of a claim, will have three months (maximum) to respond and either make an offer based on the particular mortgage conditions, or in the case of rejecting the claim, set out clearly their reasons for doing so. If this is not acceptable to both parts, the case may then go to court.


Claiming ‘floor clause’ money back

pareja en banco

Adeje Council, through the local OMIC (municipal citizen’s attention bureau), under the department of health and quality of life (councillor Amada Trujillo Bencomo) and in collaboration with ADICAE (the association for bank and credit union users) will hold a public talk on mortgage floor clauses and additional costs tomorrow, Wednesday February 15th, at 6pm. The meeting is taking place in the town’s Cultural Centre.

“What we are doing, from the Council’s point of view, is giving all the relevant information to our citizens in relation to floor clauses. For that reason, from the offices of the OMIC, we have prepared this information event to let people know what their rights are and how to proceed if they wish to make a reclamation”, commented councillor Trujillo Bencomo.

The meeting will have the information necessary and outlined in the Royal Decree 1/2017 which lists the means by which monies can be returned to clients. Pedro Herrero, of ADICAE will be the main speaker, and include in his talk will be information on time frames for reclamations. He will answer questions from the public on the matter.

This event will be in Spanish, so please do bring a translator if you feel you might be in need of some assistance.
Department of Communications