Kroatische Verbraucher vs. Kredite in CHF – ein Drama in fünf Akten ohne Schlussakt

Abstract

The difficult financial and social position of Croatian consumers with CHF loans was a trigger for various reactions and measures by the Croatian legislator and Government, as well as consumers themselves. An array of legislative and administrative measures was passed to alleviate the financial and social position of consumers with CHF loans. Various legislative measures were also passed that were intended to alleviate the position of consumers in foreclosures on residential real property. Finally, consumers have started to initiate, without waiting for the legislator to pass legislation, proceedings in order to protect individual and collective interests of consumers with CHF loans. This article depicts the development of case law with respect to the protection of collective interests of consumers with CHF loans. It analyses the mutual influences between case law and ad hoc consumer protection legislation (e.g. a conversion of CHF loans into EUR loans). It comments on the opinions of courts related to the criteria for evaluating the unfairness of foreign currency clauses and the provisions on variable interest rates in the context of protecting collective consumer interests. It points to problems, within the context of collective consumer protection, stemming from legislative loopholes in the relationship between collective and individual consumer protection, and legislative loopholes in particular ad hoc measures for protecting consumers via converting CHF loans into EUR loans. The paper should warn of problems arising in subsequent coordination of various measures taken in order to protect the interest of consumers with the development of case law in that area.