The European Court of Justice ruled a few days ago that Spanish consumers must receive sufficient information about the IRPH in their mortgages.
The IRPH is an index that Spanish banks apply to mortgages and which is usually much higher than Euribor.
This latest European decision says that Spanish judges will have to assess on a case-by-case basis whether a mortgage loan with IRPH is abusive and whether there may be a lack of transparency.
In 2020, Europe agreed with the banks and declared that IRPH was legal, but held that Spanish courts should examine transparency on a case-by-case basis. But then the Spanish Supreme Court declared that the IRPH was not abusive even if no prior informative documents were provided. It seems that now Europe disagrees.
Let's wait and see what the Spanish Supreme Court has to say again .... Will justice be done once and for all? When it comes to banks, it is difficult.
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