Monday, January 26, 2015

ROUNDUP 2 / setback for Sparkasse Bank may high interest rate contracts not … – FAZ – Frankfurter Allgemeine Zeitung

ROUNDUP 2 / setback for Sparkasse Bank may high interest rate contracts not … – FAZ – Frankfurter Allgemeine Zeitung



(new:. Assessment of the significance of the decision in the last paragraph)

ULM (Reuters) – Thousands Savings Bank customers can once breathe easy: The Sparkasse Ulm can not simply terminate savers fighting over high-interest contracts. This is evident from a judgment of the District Court of Ulm on Monday. An ordinary right of termination of the so-called Scala contracts did not exist under the law, told the court. A spokesman for the bank announced that it would study the ruling and decide any appeal.

background of the debate is the continuing low interest rates, in the course of which the bank sees himself at risk in their lending. They had argued in the context of a frustration of contract situation and tries to lure savers with alternatives from lucrative contracts – otherwise threatened with dismissal. Is challenged had, among other things, a lawyer who represents several savers.

However, the court did not allow changes in interest rates are considered grounds for termination or modification of contracts. The conditions envisaged, among other things, that customers could increase the monthly savings rate up to 2500 euros for a term of up to 25 years and in addition to basic received a bonus interest rate of up to 3.5 percent.

The bank had always stressed trying to find a solution with their customers. In fact, she has no one been terminated. However, already changed 14,000 of formerly 22 000 Scala-savers in alternative contracts – probably out of fear at an actual termination to be even worse. Is now open to what extent the Sparkasse Ulm comes to meet them, they should not proceed against the judgment of the District Court. Also how expensive it would be to the bank, they initially did not disclose.

In addition to the dismissals it was in the case also for the monthly savings rates and the question of whether the savings to their customers refused an increase rightly , Following the decision of the Ulm District Court, the financial institution must give in here: On a promotional flyer to the right of savers had been shown at any time increase the savings rate up to 2500 euros or be able to reduce up to 25 euros, which established the court. Everyone had become part of the contract

The Consumer Baden-Württemberg According to the decision of the District Court also has a signaling effect. “Financial institutions must comply with contracts, even if they for they are expensive,” said financial expert Niels Nauhauser. The Commission acknowledges that not all contracts with each other to compare, since the concrete contents are different in some cases. Other banks are likely to continue but be careful when appropriate notices his opinion.

Similarly, a court spokesman commented. “Possibly influenced the verdict settlement discussions in related cases nationwide, if it is because the” he said. There would also be comparable to the actions of individual Scala-savers before the district court, which should be decided alike. If the Sparkasse Ulm actually preceding against the judgment, the case come to the Court of Appeal. If the OLG allow appeal, he could, according to the spokesman theoretically lead to the Bundesgerichtshof -. Which would result in a judgment of nationwide significance after himself / lan / DP / men


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ROUNDUP 2 / setback for Sparkasse

Bank may not terminate the high interest rate contracts


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