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ECJ Judgement on adequate information for loans in a foreign currency

The Court of Justice has ruled that when a financial institution grants a loan denominated in a foreign currency, it must provide the borrower with sufficient information to enable him to take a prudent and well-informed decision.

The Judgement is a preliminary ruling at the request of the Court of Appeal of Oradea, Romania. (Case C-186/16).

The applicants denounce the unfair terms incorporated in their loan agreements providing, in particular, for the repayment of loans in the same foreign currency as that in which they were disbursed.

This case interprets Article 3 Paragraph 1 and Article 4 Paragraph 2 of Council Directive 93/13 which protects consumers in the EU from unfair terms and conditions that might be included in a standard contract.

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