Repayment of loan in foreign currency on the basis of unfair contractual term cannot be subject to limitation period, rules Court of Justice
The Court of Justice has delivered its judgments in BNP Paribas Personal Finance (Case C-609/19 and in Joint Cases C-776/19 et al.), finding that loans granted in a foreign currency, where consumers ignore that one of the contractual terms was unfair, cannot be subject to any limitation period for the repayment of sums paid on the basis of that term.
The cases at issue concern several mortgage loan agreements between consumers and BNP Paribas Personal Finance, denominated in Swiss francs but repayable in euros, that were issued to finance the acquisition of immovable property or shares in property companies. The existence of foreign exchange risks linked to variations of the euro against the Swiss franc was not mentioned explicitl