THE EPIC OF CHF BORROWERS CONTINUES
BURSA 31.01.2017

EMILIA OLESCU (translated by Cosmin Ghidoveanu)
 
     * The High Court the complaint concerning the freezing of the CHF exchange rate denied as inadmissible, in a case against Banca Transilvania
     * Stan Târnoveanu: "The High Court of Cassation and Justice did not resolve the complaint, it has left the decision to the court"
     * Borrowers' lawyers: "A new slap in the face to consumers, their time has been wasted"
       CHF borrowers (CHF) keep their optimism and wait anxiously on any court ruling. Except their expectations have been denied lately, as many courts, as well as the Constitutional Court have postponed or denied as inadmissible various lawsuits or notifications that were very important to all the cases involving loan contracts denominated in Swiss Francs.
     That is also the case to the long awaited ruling that was supposed to be rendered yesterday, by the High Court of Cassation and Justice (ÎCCJ), which also rejected as inadmissible in court the notification formulated by the County Court of Dolj in a lawsuit demanding the freezing of the CHF exchange rate, in a case brought by a borrower against Banca Transilvania (which acquired Volksbank).
     The ruling rendered yesterday means that the ICCJ has declined to resolve the case, leaving the decision up to the county court, according to lawyer Stan Târnoveanu, senior partner at Law firm Zamfirescu Racoți & Partners.
     He told us: "The requirements were not met by those who notified the ICCJ, namely the County Court of Dolj, and the questions did not concern the clarification of law issues".
     The borrowers' lawyers expressed their displeasure with the ruling of the ICCJ. Călin Cuculis said "the ruling is a slap in the face of the borrowers".
     Lawyer Alexandra Burada wrote, on her Facebook page: "Whatever the courts don't like is inadmissible. If the issue gets thorny... it is inadmissible. If it happens to involve the people too...it is definitely inadmissible".
     "It was all a waste of time", lawyer Gheorghe Piperea concluded, who stressed the fact that the ICCJ ruled that the complaint did not concern a new issue.
     The High Court was expected to rule on the manner of interpreting certain laws which consumers were invoking in their lawsuits requesting the freezing of the CHF exchange rate. The ruling of the ÎCCJ was supposed to lead to the unification of the judiciary practice in the lawsuits requesting the freezing of the exchange rate, as the ruling was supposed to be mandatory for all the courts in the country.
     The county court of Dolj had sent in three questions to the High Court:
     "1. Whether the provisions of art. 45 and art. 48 of the Law no. 296/2004 concerning the Consumers' Code, art. 18 of Ordinance no. 21 of August 21st 1992 concerning the protection of consumers and art. 6 letter b of the Law no. 289 of June 24th 2004 concerning the legal status of consumer loans are part of the legal obligation of the bank in the pre-contractual phase of information concerning the risk of currency exchange;
     2. Whether the provisions of art. 1578 of the Civil Code of 1864, which consecrates the principle of monetary nominalism are applicable in a cause which claims that, even though the loan was taken out in CHF, the plaintiffs did not have the ability to actually withdraw and use the currency in question, because said currency only existed on paper at the moment of the drawing of the loan;
     3. Whether the provisions of art. paragraph 6 of the Law no. 193/2000 concerning abusive clauses of contracts concluded between professionals and consumers make it mandatory for banks to insert into foreign currency loan agreements a clear and intelligible clause and concerning currency risk".
     Despite yesterday's ruling by the ICCJ, the debtors will have to keep waiting, and in early February, three other decisions of major importance for the lawsuits brought in court requesting the freezing of the CHF exchange rate.
     The first, on February 2nd, is the ruling of the court in the lawsuit brought by lawyer Gheorghe Piperea against nine banks that have granted that type of loans.
     The second, on February 7th, is the ruling of the Constitutional Court of Romania (CCR), which is set to issue a ruling on the Law of the Conversion of CHF loans at the exchange rate, passed by the Parliament which the Cioloș government and disputed with the CCR.
     The third ruling is expected from the European Court of Justice (CJEU), which is going to respond, on February 9th, to the questions send by the courts of Oradea in a case concerning the freezing of the exchange rate.
     In this latter case, the response of Mr. Răsvan Horațiu Radu, our representative in the European Court of Justice, sent at the request of the CJEU following the enquiry of the court of Oradea, states that "the obligation of repaying using a foreign currency (the same that the loan was contracted in), while the risk of that currency's fluctuation is borne exclusively by the consumer, leads to an uncertain situation for the latter. More specifically, the costs that they need to bear could increase, apparently without an upper cap, and the lender does not have the obligation to provide any service in return". The CJEU representative also thinks that the insertion of clauses concerning the bearing of the currency risk in its entirety exclusively by the consumer, without contractual mechanisms in order to mitigate that risk, denotes the creation of an imbalance between the rights and the obligations of the parties, from the very conclusion of the contract.
     Răsvan Horațiu Radu says, in his answer, obtained by the BURSA newspaper: "The fact that the circumstance that causes that risk to materialize only occurs at a subsequent time and is expressed through the creation of an imbalance between services does not mean that the significant imbalance between the rights and obligations does not already exist at the time of the conclusion of the contract. (...) It follows from the situation noted by the court that the bank had the possibility to use the fluctuations on the currency market, which creates a risky context for the consumer".
     According to law firm Piperea și Asociații, the three questions that the CJEU is set to answer are:
     "1. Should article 3 paragraph (1) of Directive 93/131 be construed to mean that the significant imbalance between the rights and the obligations of the parties that follows from the contract must be analyzed strictly in relation to the time of the conclusion of the contract or does it include the situation where, throughout the unfolding of a contract with successive execution, the service of the consumer becomes excessively onerous compared to the moment of the conclusion of the contract due to significant fluctuations of the currency exchange rate?
     2. According to the interpretation of article 4 paragraph (2) of the Directive 93/13, should the clear and intelligible nature of a contractual clause be construed to mean that said contractual clause must stipulate only the reasons that led to that clause being included in the contract and in its operating mechanism or should it also stipulate all of its possible consequences which can cause a variation in the price paid by the consumer, such as the currency risk, and should it be considered, from the point of view of Directive 93/13/CEE that the obligation of the bank to inform the customer at the time of the granting of the loan applies exclusively to the lending terms, respectively the interest rates, commissions, collaterals which are the responsibility of the borrower, and that the possibility or a foreign currency strengthening or weakening may not be included in this obligation?
     3. Should article 4 paragraph (2) of the Directive 93/13/CEE be construed to mean that the terms «the main object of the contract» and «the adequate nature of the price or remuneration, on one hand, against the services or goods supplied in exchange for the former, on the other hand» cover a clause stipulated in a loan agreement concluded in a foreign currency between a provider and a consumer and which has not been negotiated individually to be «repaid in the same currency»?"
     The law firm mentions that the trial of most the lawsuits in Romania (approximately 3000) which concern requiring lenders to convert CHF loans in lei, at the exchange rate at the time the loan was taken out has been suspended, in waiting for the solution of the CJEU.
     According to specialists, CJEU rulings are mandatory for the Romanian courts. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSE
FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:
GABRIEL DUMITRAȘCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:
IN THE ROW OF THE DOUBLE STANDARD
CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
18.08.2017
BVB
     * Titlurile BRD, cele mai tranzacționate
       Piața principală a Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 48,7 milioane de lei (10,63 milioane euro), mult mai mică decât cea...  detalii
18.08.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au scăzut ușor ieri, pe fondul îndoielilor traderilor privind o viitoare majorare a dobânzii de către banca centrală americană.  detalii
17.08.2017
BVB
     Piața principală a Bursei de Valori București (BVB) a fost dominată, în ședința de ieri, de două tranzacții de tip "deal" realizate cu acțiuni "SIF Moldova" (SIF2), totalizând 51,5...  detalii
17.08.2017
BURSELE DIN LUME
     Acțiunile companiilor listate la bursele din Europa au urmat un curs pozitiv ieri, investitorii îndreptându-și atenția către informațiile economice odată ce tensiunile geopolitice s-au mai redus.  detalii
11.08.2017
BVB
     * Marcel Murgoci, "Estinvest": "Ședința s-a desfășurat în ton cu ceea ce s-a întâmplat pe piețele externe"
     * "OMV Petrom" și "Banca Transilvania" și-au publicat rezultatele la șase luni
       Ședința de tranzacționare de ieri de la Bursa de Valori București (BVB) a fost una de scăderi, care s-a desfășurat "în ton" cu evoluțiile de pe piețele externe, potrivit domnului Marcel...  detalii
11.08.2017
BURSELE DIN LUME
     Bursele din Europa au urmat un curs descendent ieri, pe fondul persistenței tensiunilor geopolitice dintre Coreea de Nord și SUA, care și-au adresat reciproc amenințări.  detalii
Cotații Internaționale

Prognoza Meteo
     20.08.2017 
     Prognoza pentru România
     Vremea va fi călduroasă în cea mai mare parte a țării, caniculară după-amiaza pe arii relativ extinse în Oltenia, Muntenia și local în Moldova și Transilvania, unde și disconfortul termic va fi ridicat, indicele temperatură umezeală (ITU), urmând să atingă și să depășească ușor pragul critic de 80 de unități. Cerul va fi variabil, dar în regiunile vestice, nord-vestice și pe arii restrânse în cele centrale instabilitatea atmosferică se va accentua treptat și mai ales în a doua parte a intervalului se va manifesta prinînnorări temporar accentuate, averse care vor avea și caracter torențial, frecvente descărcări electrice, intensificări ale vântului ce vor lua și aspect de vijelie și căderi de grindină. Cantitățile de apă vor depăși izolat 20...25 l/mp. Temperaturile maxime se vor încadra între 28 și 36 de grade, cu cele mai scăzute valori pe litoral și în extremitatea de vest a țării, iar cele minime vor fi cuprinse între 13 și 23 de grade, mai scăzute în depresiuni spre 8...9 grade.
     Prognoza pentru București
     Vremea va fi călduroasă, chiar caniculară după-amiază. Temperatura maximă se va situa în jurul valorii de 35 de grade, iar cea minimă va fi de 17...18 grade, ușor mai scăzută în zona preorășenească. Cerul va fi variabil, mai mult senin în prima parte a zilei, iar vântul va sufla slab și moderat. 
Curs Valutar

Curs valabil din data de
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0951
2,3460
3,0880
4,0606
0,1758
0,6170
0,2198
4,5883
5,0360
1,5110
3,5800
0,2198
0,4918
1,0728
0,0657
0,4805
1,1069
3,9066
0,2946
1,2305
0,5855
0,0609
0,3423
0,2184
2,8612
0,0385
0,1531
1,0636
0,6199
0,1176
162,7078
5,5046
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
11.08.2017
     Twenty seven banks haven't paid any profit tax in the last 6 years, which has shaken Minister of Public Finances Ionuț Mișa, as well as some MPs, bankers and even the Governor of the National...  details
10.08.2017
11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSE
     Considering how many tricks Lucian Anghel, the president of the Bucharest Stock Exchange has tried, in order to extend the term of CEO Ludwik Sobolewski, it would be actually crazy if they...  details
08.08.2017
JACK CUTIȘTEANU, PETPROD:
     The state speculates the economy and household consumers, through Hidroelectrica, CEO, Nucleareletrica and CEH, says Jack Cutișteanu, the CEO of Petprod, referring to the evolution of the price of...  details
03.08.2017
FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:
     * PNL senator Daniel Cătălin Zamfir asks for a "list of shame" of banks that don't pay taxes
     * According to information obtained by BURSA, between 2011-2015, banks in Romania paid 1.3 billion lei (288 million Euros) in taxes
       Public Finance Minister Ionuț Mișa says that almost three quarters of banks operating in Romania haven't paid profit tax in the last few years. With that statement, the head of the Finance...  details
02.08.2017
GABRIEL DUMITRAȘCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:
     * Dumitrașcu: "Among other things, we recently even had to import the system services, and system services energy is three times more expensive than that on the Day-Ahead market"
       The price of electricity and its increase on the Day-ahead market (PZU) of the OPCOM exchange keeps causing discontent among the players and specialists on the market and is keeping consumers on...  details
01.08.2017
EUROPEAN MP RAMONA MĂNESCU:
     * "We have asked for clarifications and a position of the Commission on whether the Hungarian initiative complies with the Energy Security Strategy of the European Union and the coordination with BRUA"
       The announcement of Hungarian gas operator FGSZ that BRUA would end in Hungary instead of in Austria was surprising and it didn't come as a result of consultations with its regional partners or...  details
31.07.2017
STOCK MARKET SOURCES:
     Lucian Anghel, the president of the BSE, today summoned the Board of the BSE to discuss the terms of the contract of Ludwik Sobolewski, whose mandate expires on August 21st. According to sources...  details
28.07.2017
IN THE ROW OF THE DOUBLE STANDARD
     * The Minister of Agriculture continues to hide the names of the products that have a double standard and of their producers
     * "The minister of agriculture mismanaged the issue of the double standard of food products", says Costel Stanciu, the president of the APC, who asked for the resignation of Petre Daea
       The results of the tests concerning the double standard, conducted on some of the foods and presented on Wednesday by agriculture minister Petre Daea has raised a series of questions, angering both...  details
27.07.2017
ROW AROUND OLTCHIM
     * Ștefan Vuza made a series of statements lately, saying that Oltchim is not making investments, that are there companies that parasitize Oltchim and that the plant's profit isn't real
     * Oltchim executives: "It can be said that the participation of Chimcomplex in the process for the sale of Oltchim has been made exclusively in order to get access to information that would then be used for the benefit of their own businesses"
     * Piperea: "If, because of these statements, the sale of the distinct blocks of assets fails, then Oltchim will bring a tort liability lawsuit, signed by me"
       At Oltchim there is corruption and there are no parasite companies, lawyer Gheorghe Piperea, bankruptcy trustee of the Râmnicu Vâlcea plant, in response to the statements made over the course of...  details
26.07.2017
SOURCES CLOSE TO THE SITUATION:
     * Sources: "A large segment of the price asked for the Mariott building represents the loan contracted by Grand SRL and guaranteed by the state"
     * Dedeman wants to buy the Marriott complex, according to our sources
     * AFI Europe has announced that Dedeman is scrapping plans to buy AFI 4 and 5
       The Austrians of Strabag are asking for 140 million Euros for the building the Marriott hotel of Bucharest is operating in, according to sources close to the deal.  details
25.07.2017
SPECIALISTS:
     * The BRUA project can no longer be funded, after Hungary announced that it would stop on the Hungarian territory, our sources are saying
       The BRUA pipeline, which was supposed to go through Bulgaria, Romania, Hungary and Austria, will have the same fate as Nabucco, meaning it won't be built, some market specialists think.  details
24.07.2017
CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:
     * (Interview with Mr. Radu Grațian Ghețea, the president of CEC Bank)
     * CEC Bank intends to end this year with a three figure profit
     * CEC Bank chairman: "When the EBA makes moves and finds an easing of interest rates is possible, then that will happen over here as well"
     * Radu Ghețea: "In the case of Romcab, we have begun the foreclosure, we have foreclosed some of the collaterals and we will continue to foreclose on others"
       CEC Bank intends to end this year with a three figure profit, Radu Grațian Ghețea, the chairman of the bank told us in a sizeable interview.  details
22.07.2017
MIRCEA URSACHE, ASF:
     * Ursache: "Romcab is required to file the same reports during its restructuring period as it would during normal operation"
       "Romcab" (MCAB) has the same reporting obligations, during the restructuring period, that it does during its regular operation, said Mircea Ursache, vice-president of the Financial...  details
19.07.2017
MIRCEA URSACHE CONFIRMS:
     * Ursache: "We are asking the market operator to comply with corporate governance"
     * In fact, the investigation targets Lucian Anghel, the president of the BSE, because he is the one that can summon the board
       The Financial Oversight Authority is conducting an analysis of the manner of summoning and unfolding of the Board of Directors of the Bucharest Stock Exchange Mircea Ursache, vice-president of the...  details
17.07.2017
     The Association of Brokers has taken a stand against the exclusion of the BURSA newspaper from the guest list of the official events of the Bucharest Stock Exchange, reported on Friday.  details
.