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Legal Literature

Legal Literature Details
Member State Greece
Title The open review of General Terms of Transactions in banking loan contracts issued in Swiss Franc (opinion)
Subtitle
Type article
URL
Author KARAKOSTAS, I., VRETTOU, C.
Reference Applications of Civil Law (legal magazine) ( ΕφΑΔ)
Publication Year 2015
Keywords case law, good faith, transparency, unfair terms

Unfair Contract Terms Directive, Article 1, 2. Unfair Contract Terms Directive, Article 3, 1. Unfair Contract Terms Directive, Article 3, 3. Unfair Contract Terms Directive, Article 4, 1. Unfair Contract Terms Directive, Article 6, 1.

This article deals with a particular case of bank loans, those that were issued in Swiss Francs. These loan agreements include a pre-defined standard clause regarding the exchange rate that defined the way that the debt (deriving from the loan) would be exchanged in the local currency (Euros). The article focuses on that particular general term and discusses thoroughly on whether such term may be considered as abusive or not. The authors suggest that in case that this clause is considered as abusive then the gap that would be created could be covered by correctly interpreting the will of the parties and the nature of the contract. It also elaborates on whether the breach of the principle of transparency incurs any liability of the issuer of the loan to compensate the borrower/consumer.

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