On 4 July 2024, in the case of Caixabank SA and others v
Asociación de Usuarios de Bancos, Cajas de Ahorros y Seguros
de España (Adicae) and others (C-450/22), the European Court
of Justice (ECJ) issued a ruling regarding the legality of
so-called 'floor' clauses in loan agreements, and whether
consumers concerned should be entitled to reimbursement of the sums
paid on the basis of such clauses.
Facts of the case
On 15 November 2010, the Spanish Association of Users of Banks,
Savings Banks and Insurance (ADICAE) brought a collective action
against 44 credit institutions, seeking, firstly, an injunction
against those credit institutions directed at a so-called
'floor' clause in the general conditions of loan agreements
used by those credit institutions, and secondly, the reimbursement
of the sums paid on the basis of that clause by the consumers
concerned. The so-called floor clauses provided for a minimum
interest rate below which the variable interest rate could
