Bankia : pays out €170 million to 34,000 customers to reimburse floor clauses

• Using a fast-track process at its branches that the bank launched less than four months ago

Bankia has paid out nearly €170 million to reimburse 34,000 customers for floor clauses, in less than four months. The pay-out has been made as part of a fast-track procedure at the bank's branches that it launched on 3 February.

The bank, which stopped using these clauses in September 2015, deemed that this would be a transparent, simple and free process to analyse whether customers were due reimbursement of the amount paid for this concept, as well as saving time and money in legal proceedings.

To use the procedure, customers can simply visit their Bankia branch where they are provided with a reimbursement application form. In most cases, the amount to be reimbursed is calculated in advance.

Once it has been confirmed that the customer is covered by this process, an offer is made to repay the amount of the floor clause plus the legal rate of interest for the entire period. The customer can choose to receive an immediate cash payment into their account or to offset it against the outstanding capital repayments on their mortgage.

All of the information about this process is available from Bankia's corporate website on floor clause refund process section and under theCustomer ServiceOpen in a new window section of the customer website.