European Court rules consumer courts cannot examine WIBOR calculation methods, satisfying banks concerned about credit agreement challenges.
Court Ruling on WIBOR Examination
The Court of Justice of the European Union (TSUE) has issued its first ruling on WIBOR (C-471/24), determining that courts in consumer cases cannot examine the proper determination of WIBOR.
In the opinion of the tribunal, the bank’s informational obligation does not require it to provide the consumer with detailed information about the methodology of the regulated reference rate used to calculate the variable interest rate.
Therefore, a contract clause containing a reference index such as WIBOR does not, as a rule in itself, create a significant imbalance between the parties to the detriment of the consumer.
Bank Reaction to the Decision
Banks are very pleased with the ruling. In their opinion, attempts to challenge credit agreements based on WIBOR are now doomed to fail.
The grand announcements by law firms that wanted to create a new market for mass disputes have not materialized, despite a widely conducted marketing campaign.
