European Court of Justice ruling on Swiss Franc loans

[CyprusH]

On 30 April 2014 the European Court of Justice has ruled in favour of a debtor in Swiss Francs (CHF), by essentially “crystallizing” the exchange rate at the date of the loan agreement or/and of the loan sum acquirement.
The procedure brought forth the European Court of Justice was conducted after reference brought by Kúria (the Hungarian Supreme Court) on the issue of the interpretation of the Council’s Directive 93/13/EEC, of April 5th 1993, regarding unfair consumer contract terms.

Does anyone know what the implications are for anyone with CHF loans in Cyprus

[Nigel Howarth]

Hi CyprusH

As I haven't seen the ruling, I can't really comment. But I do know that discussions are taking place with the Cyprus Central Bank.

If you can let me have the number of the ruling, I'll look into it.

Regards,