A consumer who has taken out a loan denominated in a foreign currency and who does not know that a term in the loan agreement is unfair cannot be subject to any limitation period for the repayment of sums paid on the basis of that term

(Source: Court of Justice of the EU)

The information provided by the lender to the consumer concerning the existence of a foreign
exchange risk does not satisfy the requirement of transparency if it is based on the assumption that
the exchange rate between the account currency and the payment currency will remain stable
throughout the term of the agreement

In 2008 and 2009 consumers concluded with BNP Paribas Personal Finance mortgage loan
agreements denominated in Swiss francs (CHF) and repayable in euros to finance the acquisition
of immovable property or shares in property companies. Due to the characteristics of those loans,
their conclusion entailed a foreign exchange risk linked to the variations in the course of the euro
against that of the CHF. Even though the existence of that risk was not mentioned explicitly in the
loan agreements, it nevertheless followed indirectly therefrom that that risk was inherent and was
borne by the consumer.

Full Press Release –

Judgments of the Court of Justice in Cases C-609/19, C-776/19 – C-782/19BNP Paribas Personal Finance

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