SEPLA News

30/09/2021
Multidivisa Loans
• With the end of Libor as the benchmark for financial transactions on 31 December, we are waiting for the monetary authorities to provide a definitive solution for the replacement of this indicator with an alternative that can be applied to current contracts.

Last January, the CNMV warned institutions of the need to adopt "measures to adequately manage the transition" until the disappearance of Libor.    Subsequently, the European Commission has also followed this line of recommendation, proposing the need to carry out the substitution with solid back-up clauses that guarantee the rights of consumers, also indicating that special vigilance will be kept on these aspects.

 

Our Member Services Department would like to warn you of this circumstance so that you can be aware of the clauses in your MULTIDIVISA LOANS and of the process of replacing the reference index so that, if in doubt, you can contact expert firms if you think that your interests could be harmed.

 

Specifically, we have been informed that CAIXABANK (formerly Barclays) has sent a letter to its customers offering alternatives for novation of the contract in view of the forthcoming disappearance of Libor with options that could have contractual consequences as they are novatory, but also tax consequences if the currency is replaced or even legal consequences if there is a novation of the previous contract.

 

Without meaning to alarm, we would like you to be aware of these possible actions by the banks so that you do not sign things that cannot be reversed.

We consider judicious to wait for the monetary authorities to come up with a reasonable solution before the end of the year and, in the event that you accept any proposal from your bank before that date, this should be well analysed and advised by experts.

 

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