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Floor clauses and Brexit: this week’s hot topic

Floor clauses and Brexit: this week’s hot topic

The CJEU’s Advocate General’s line on floor clauses and the Brexit’s economic consequences corners Del Canto Chambers’ reporting work last seven days.

The work at Del Canto Chambers has been traced by the CJEU’s Advocate General’s statement on floor clauses and Brexit’s effects in the British economy this week. The Advocate General’s opinion of limiting the floor clauses’ retroactivity dashed consumers’ hopes specially, and citizenship ones on the whole. “It is a defeat for the common man”, stated our Managing Partner León Fernando del Canto at Bloomberg.

During the previous days before the CJEU’s line, the Spanish banking system had been getting ready in the provision of the adverse Advocate General’s line (which did not happen finally) by implementing the so-called zero clauses and by turning adjustable-rate-mortgages loans into fixed-rate-mortgages loans. We analysed those moves at “The banking’s fight back: floor-clauses vs zero-clauses“.

Finally, when the CJEU’s Advocate General’s line was already known, it was underlined that banks would not give back their before-the-year-2013 received overpaid amounts to the clients. It could have been a kind of “Bankxit”, the Spanish banking system’s standing out with respect to the European ones when a “lifeline” for their battered income statements, as it had been called by our partner Raúl del Canto, although the CJEU’s final sentence will not be known until next December (“CJEU’s line threatens Spanish banking system” and “Conflicting emotions on CJEU’s line on floor clauses“).

At the same time, our expert María Arcenegui Siemens pointed out the housing stock’s falling in Spain below 500.000 units at “The stock of houses in Spain finally falls below 500.000 units” and the advantages of applying for a Spanish Golden Visa through properties’ acquisitions in our country (“Spanish Golden Visa, the most secure scheme to put a foot in Europe“).

The Brexit and its consequences have also got people talking. The Sterling’s drop have provoked a British overseas pensioners’ allowances ten-points fall (“Sterling drop cheapens the expats British pensioners“) and a lowering in the housing sales in the UK, which has made the Bank of England react announcing a likely interest rates’ short-term drop from 0.5% to 0.25% (“Uncertainty gives way to pragmatism” and “Light and shadows in the British housing market“).

Finally, we have also dealt with other issues, less mediatic but not lesser important ones such as the Spanish government’s announcement of a corporate tax’s increasing (“Hit to the businesses: corporate income tax’s express increase“), the Turkish one on implementing a tax amnesty (“Seven tips that you should know about the new tax amnesty prepared by Turkey“), to ending up with pointing out a kind of tips to bear in mind when setting a Family Office business up in Spain at “Family Office services: tips to consider in the UK and Spain when setting them up“.

It is have been seven days analysing the current media affairs in the legal and commercial law fields in an easy  careful way. Seven days of hard work trying to gain the client’s confidence for at least, another seven days more. See you soon.

Xavier Nova
Del Canto Chambers’ Director.

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