Banco Popular vice president denies that its floor clauses were “abusive” or “fraudulent”

Banco Popular vice president denies that its floor clauses were “abusive” or “fraudulent”

Roberto Higuera, the vice president of Banco Popular, has denied that the floor clauses included in the institution’s mortgage contracts were “abusive” or “fraudulent”, despite the scandal surrounding the clauses that has led to many customers contacting specialists in Banco Popular bank claims.

Higuera replied to a shareholder’s intervention on the subject at the bank’s extraordinary shareholders meeting by declaring: “They were not abusive and were not fraudulent”.

He added that the floor clauses were “fairly transparent” and there was “nothing illegal” in them, although the bank has nonetheless been forced – in common with other affected Spanish banks – to comply with the ruling on the matter by the Supreme Court.

A surge of Banco Popular bank claims

Although there have been suggestions of an increased awareness among those who potentially have a Banco Popular floor clause that they could be paying thousands of Euros more on their mortgage that they should be, Higuera said that “in the constitution of these mortgages the bank had acted correctly”. He also stated that the bank “will always assume the judicial decisions”.

Higuera was presiding over the extraordinary shareholders meeting due to the position of president of the bank being vacant, although Emilio Saracho has since been confirmed as the new president.

With a recently issued royal decree compelling banks in Spain to begin processing the claims brought by their customers in relation to the clauses – also known as ‘clausula suelo’ – Banco Popular has already confirmed that it will do so from 21st February.

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How much could you be entitled to?

If you suspect that you are among those with a Banco Popular clausula suelo, you may be concerned to ensure that you make a successful claim, receiving the maximum amount of money to which you are entitled.

This is very much our sworn objective here at Rapido Claims. If you wish to find out how to claim, all that you have to do is contact us and provide us with a recent mortgage statement and answer a few questions for us to begin.

We can then proceed with your claim, in the confidence. Simply get in touch with the friendly, knowledgeable and responsive team here at Rapido Claims now.

What is a Clausula Suelo or Floor Clause?

It is a clause in a Spanish tracker mortgage agreement that requires you to pay a minimum interest rate, even when the interest rate that the mortgage is tracking – such as the Euribor – is lower.

This means that you could be paying thousands of Euros more than you should be, and the Supreme Court has agreed that many such clauses can be considered abusive.

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By |2017-06-13T16:16:41+00:00May 9th, 2017|Uncategorized|Comments Off on Banco Popular vice president denies that its floor clauses were “abusive” or “fraudulent”

About the Author:

Gareth is a bank and mortgage claims expert at Rapido claims and has made a successful claim against the bank on one of his own properties.