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The recent European Court of Justice (ECJ) decision holds significant implications for “frankowicze” – borrowers who entered mortgage agreements denominated in Swiss francs. The ruling underscores the potential pitfalls faced by these consumers, particularly regarding the commencement of the statute of limitations for their claims against banks.
In the case of Getin Noble Bank (C-28/22), consumers who entered into Swiss franc-denominated mortgage agreements in 2007 sought to declare the contracts void due to allegedly unfair clauses. The ECJ decision emphasizes the asymmetry in the statute of limitations, highlighting the challenges faced by frankowicze in exercising their rights effectively.
The court expressed concerns that the imbalance could place consumers at a disadvantage, making it practically impossible to pursue claims before the expiration of the bank’s counterclaims. This scenario, the ECJ argued, may hinder consumers from recovering interest payments and potentially incentivize banks to prolong negotiations strategically.
As the legal battle continues, the ruling also brings attention to the broader issue of consumer protection in the context of mortgage agreements indexed to foreign currencies, raising questions about the need for more robust safeguards for borrowers facing such complexities.