Bankia to pay out on ‘floor clauses’ from tomorrow

The clauses fixed a minimum interest rate on variable-rate mortgages

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Bankia president José Ignacio Goirigolzarri Photo EFE

Around 1.4 million clients of Bankia received good news on Monday when the bank announced that it has set up an “express repayment process” to refund charges to all of its mortgage holders affected by so-called ‘floor clauses’ (cláusulas suelo). In December, the European Court of Justice ruled these to be in contravention of European law and to be “abusive.”

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