Bankia : launches express procedure in its branches to deal with floor clause refunds

• The amount charged by applying this clause, plus interest, will be repaid
• In most cases, the amount to be refunded will be pre-calculated by branches and customers can receive it upon request, if they wish
• Following experience in similar cases, the bank expects to save money by offering this option instead of dealing with court claims

Bankia announced today the launch of an express procedure at its branches so that consumers that have taken out mortgage loans that contain a floor clause can request a refund of the amounts paid due to its application.

The process involves a transparent, simple and free procedure to confirm the return of any overpaid amounts. Bankia removed these clauses from its loans to private individuals in September 2015.

This procedure is being launched in light of the ruling by the Court of Justice of the European Union of 21 December 2016 and Royal Decree Law 1/2017 approved by the Spanish government on 20 January. Although Bankia is not affected by the aforementioned ruling or the decisions of the Spanish Supreme Court on this matter, it will deal with any cases that are similar to those covered by them.

Bankia will issue a communication in the next few days explaining the launch of this procedure. To apply for a refund, customers should simply visit their Bankia branch where they can complete a standard request form regarding the refund of any overpaid amounts.

Once it has been confirmed that the customer is part of the group covered by these rulings, they will be offered a refund of the amount plus interest at the legal rate for the whole period.

Customers will therefore receive the same amount that could potentially be obtained from a favourable court ruling, avoiding any expenses and delays, thanks to this quick, simple and transparent procedure. Customers may choose to receive a cash payment in their account or to repay any outstanding capital on their mortgage. The payment may be made immediately, at the same time as the request, if they wish.

All of the information about this process will be available on Bankia's corporate website (www.bankia.com) from Friday 3 February, as well as in the Customer Service section of the user website (www.bankia.es/es/particulares/atencion-clienteOpen in a new window).

Goirigolzarri: 'We have decided to launch a quick, simple and transparent procedure'

Bankia's chairman, José Ignacio Goirigolzarri, said 'We have decided to launch a quick, simple and transparent procedure so that customers can request a refund of any money that has been overpaid due to floor clauses'.

'We are doing this because it is the best option for our customers, but also for Bankia and its shareholders. Affected customers can obtain a refund of their money very quickly and we can avoid the delays and expenses associated with legal procedures, which we know are high from experience', said Goirigolzarri.

From this Friday, customers can visit their Bankia branch where all of the details will be explained to them. If the customer is part of the group covered by the latest rulings and government regulations, they will be offered a refund of their money and the corresponding interest, which can be paid immediately'.