March 3, 2020 / 8:47 AM / a month ago

ECJ says up to Spanish judges to decide on case by case basis if IRPH mortgage abusive

MADRID, March 3 (Reuters) - The European Court of Justice on Tuesday ruled that it will be up to local judges in Spain to decide on a case by case basis if IRPH mortgage clauses were abusive, an ECJ spokesman said.

It will also be up to the judge to decide whether to apply a different interest rate in cases when the clause is considered abusive.

Spain’s mortgage price index (IRPH) should not be excluded from the remit of EU directives, the spokesman said.

Shares in Spanish banks jumped, with Caixabank and Bankia up around 6.5% and 4%, respectively. (Reporting By Jesús Aguado Editing by Ingrid Melander)

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