A week marked by the Brexit and… the “Bankxit”
The Brexit’s effects and those caused by the CJEU’s Advocate General’s line on mortgage-floor-clauses in the Spanish banking sector fill our first week up.
Lawfirm Del Canto Chambers’ blog started this first July-summer-week a new stage to became a reference blog on commercial law, fiscal law and Private Clients in the UK, Spain and Qatar where lawfirm Del Canto Chambers is operating
We have been focused on two big issues: the historical Brexit that has provoked the whole EU’s structure’s stagger built during the last 50 years and the “Bankxit”, as it was so-called by the also lawyer and partner Raúl del Canto, referring to the effect on Spanish banking sector of the CJEU’s Advocate General’s line on mortgages-floor-clauses. This latter topic, that possesses a huge social significance in the previous years due to a lot of citizens have been harmed by those abusive clauses in their mortgages.
The Spanish economic newspaper “Expansión” released a León Fernando del Canto’s article “The Brexit: the juridical catastrophe” that analysed the Brexit’s legal consequences and how London could minimize the dropout’s effects.
It have been also addressed this dropout’s consequences in the City of London because numerous businesses and international bodies are looking for options to relocate that would mean a chance for other European financial (Brexit’s consequences: ¿fail or chance?) centres, and in the fiscal and M&A sector as well where the freeze of investments funds due to the Brexit are the bad news while the new merged Middle East’s major bank after the UAE’s two main banks merging is the good one (“Short-term double or quits on M&A and taxation” and “Bankxit: Spanish banks getting out of Europe“), apart from the threat of issuing sanctions to Spain for not achieving its public deficit’s goal (“Possible sanctions to Spain for breaching the deficit and Brexit’s impact: bad times for investors and taxpayers“)
On the CJEU’s Advocate General’s statement with regard to floor-clauses have been written by our expert partner María Arcenegui Siemens in her article “Limiting retroactivity in mortgage-floor clauses is the new bailout for Spanish Banks“. There is no average point: if the European Court do not allow these floor-clauses’ retroactivity, the Spanish banks disbursement will be huge but if it does not so, the Spanish banks’ saved amounts will equalise this decision to a new banking bailout.
Precisely on this line’s implications what is addressed about our partner Raúl del Canto wrote in his text “How can the Spanish Bankxit affect mortgages in Spain?” that they could affect the Spanish banks positions with regard to European ones due to a clear interpretation dispute between the Spanish Supreme Court and the main EU’s tribunal.
During these first days of the journey we have shown our particular point of view on current affairs’ fiscal and legal effects, with an expert touch but also a distended one, having the intention for you to stay with us next week and to not going down in next bus stop.
Director of Del Canto Chambers