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Report: Banco Popular to appeal mortgage floor ruling

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Report: Banco Popular to appeal mortgage floor ruling

Banco PopularEspañol SA CEO Francisco Gomez said the bank will appeal a Madridcourt ruling that bans mortgages with clauses setting minimum interest rates,Reuters reported April 29.

Gomez said the Spanish bank has always been very about the floorclauses that it inserted into mortgage contracts, which prevent interest rateson such loans from falling below a certain point.

The court earlier in April had approximately 40 of thecountry's banks to remove the floor clause from their contracts and repaycustomers for any losses, along with interest, since 2013.