Economic Court of Kharkiv region allowed the currency to the borrower does not repay bank currency. The Court considered that since the borrower has received at the hands of the hryvnia, the loan has to be repaid and not in dollars that are above 16 USD, and the rate at the time of conversion credit money – 8 UAH/$. If the bank loses appeal precedent and take advantage of other borrowers.
Economic Court of Kharkiv region allowed the currency to the borrower does not pay for foreign currency loans. This sudden decision was taken 26 November to judge the case № 922/3899/14. With the court’s decision shows that in 2010 the Bank “Grant” natural persons entrepreneur opened a two-year currency credit line of $2 million at 16% per annum.
A year credit line was increased to $2.3 million, and the maturity of the loan is constantly going on – the final date specified December 28, 2014, according to the materials of “Grant”. Totally borrower received in 2010-2013 more than $2.5 million. These dollars bank counted on the current account physical persons-SAP, but did not give them cash to the borrower, and on his behalf sold on the interbank market. The proceeds from the sale of currency, the hryvnia credited to the account of the borrower in local currency and used it for business.
After the two-time devaluation of the hryvnia this year – from 8 UAH/USD to 16 UAH/USD – the borrower suddenly decided to challenge credit. Economic Court September 15 received a claim and two months later ruled. The Court considered that the parties had entered into a credit agreement under which plaintiff received credit funds in local currency. Consequently, he must repay the debt that arose after the conversion listed bank currency hryvnia.
In the years 2010-2013 the borrower has received from the bank account on the UAH 23.66 million USD. At the date of filing of the suit customer returned the bank 11.1 million USD. “The borrower must return the bank account balance on the loan, expressed in local currency and pay interest and other payments provided credit agreement”, – said the court decision that stopped obligations under the loan agreement between the bank and the borrower.
The “Grant” has appealed. In the appeal, signed by Chairman of the Board Vladimir Martyrosova said: “At the request of the plaintiff and the terms of the loan agreement to the borrower loan funds provided by listing its current foreign currency account. This banking to provide credit facilities deemed completed upon entering the amount of transfer credit for the current currency account (Art. 30 of the Law “On Payment Systems and Money Transfer in Ukraine”). ”
Accordingly, the bank insists that fully performed its obligations under the credit agreement, listing borrowings in current dollar account of the borrower. The bank specify that all subsequent operations after transfer funds in foreign currency accounts are not governed by the credit agreement. “These loan funds from that moment became the property of the client, and the right to dispose of them belonged to him under the terms of a bank account. It is within this agreement the bank and has sales dollars on the interbank market and counted hryvnia to the client, “- says the lender.
In the Independent Bankers Association of Ukraine has said that the decision Economic Court of Kharkiv region creates a new scheme of deviation from credit obligations. “This introduces new factors to destabilize the situation in the banking sector. This approach can be disastrous, because loans in foreign currency on November 1 totaled $33.3 billion, or nearly 500 billion UAH”, – said the association.
At the same time, the Independent Bankers Association failed to specify which part of the monetary amount was “actually” issued by borrowers in local currency, and thus the risk of being challenged in court. “Calculate the number of such cases is very difficult. After work ends after the credit department of loans to the borrower. All operations are conducted with their client funds then, beyond their competence “, – the technology issuance of credit with various banks with foreign capital.
However, there are alternative opinion. “The situation where a borrower took currency credit, and getting your hands on the hryvnia, was quite common. Typically, this happened when the borrower took the credit in Swiss francs – they were one of the cheapest, or buying a new car loan or apartment. Currency from banks immediately convert into hryvnia and translated into hryvnia account showroom or builder “- said a senior partner of law firm” Kravets & Partners’ Rostislav Kravets.
Banks do not keep records, but confirmed that often converted to hryvnia currency funds obtained from the same mortgage lenders and buyers of cars. Foreign currency loans transferred in local and entrepreneurs who received loans for doing business in Ukraine, not to pay for imports of goods or services.
Conflicts borrowers with banks about the illegality of foreign currency loans are considered by the courts for five years, but the judge still refused to accept as evidence documents the transfer of the customer hryvnia. That is why the decision of the court – a precedent. “Bank faced with attempts to clients, but the court in this matter stood on the side of the bank”, – said director of operations with special loans to customers of the retail business Ukrsotsbank Maxim Zyryanov.
Although Ukraine has no case law and other borrowers can sue a blueprint to try to make repayment of loans Exchange 5-8 UAH/USD and not 16 UAH/USD. “If the situation is changed or if established precedent, many currency borrowers can win in court cases against the banks,” – said Rostislav Kravets. But on this side of the borrower now has become not only the trial court, but the appeal.