On June 16, at 1:30, we see the Court’s unity ruling as the first, which can be a directive for court decisions, or even binding on any foreign currency loan agreement as a result of a government decision. http://granlogiacostarica.org for an assessment
What do they decide?
It is most likely that the uniformity decision will include unfairness in the exchange rate margin. In other words, the difference between the foreign exchange buying and selling rates used by banks when repaying a loan and paying it off. This could give money back to FX debtors, but not so much that it would be worth filing lawsuits, even after the unity ruling, so it might be worth waiting for the government, which has repeatedly expressed its intention to oblige banks to to act.
The resolution may still address unilateral contract modifications and interest rate increases, and the fairness of foreign currency loan contracts. Although we do not expect such positive developments on these issues as on the first question.
The Curia decided that the exchange rate gap would be unfair and that unilateral contract changes could be illegal. The latter is a big surprise, according to which, according to preliminary calculations, the clients could pay $ 300 billion.
In particular, interest rate increases may be a problem, according to the court. However, the board did not object to the exchange rate risk transfer, with the proviso that appropriate information should have been included in the contract.
How much can the creditors get back?
It depends on the exchange rate margin the bank used during the term of the loan and how much debt the borrower has taken. One time, a higher amount is due because the borrower received his loan at a purchase price, which is lower than the average rate. This represents a one-off item of around $ 50,000 in the case of a 1% exchange rate margin and a loan amount of $ 10 million. In addition, even foreign currency borrowers may receive back the amount they paid monthly due to the difference between their foreign exchange selling rate and their average exchange rate for their debt.
This amount may be retroactively refunded to debtors. Homeowners have been paying back at the central rate for more than 3 years, so they can get back less and never pay less in the future.
You may even want to buy a loan !
After the unity decision and the presumed governmental decision, the loan redemption and dollar conversion will become more favorable, as here the bank will have to calculate with the middle rate, not with its own selling rate. This also applies to the repayment or early repayment of savings and the dollar conversion, ie the redemption of dollar loans. Depending on the size of the debt, this could mean a few tens of thousands of dollars for families.