Unfair clauses in the General terms of Eurobank EFG JSC

 At a meeting on the 14^th September 2010 with Protocol №44 the Commission for consumer protection issued a decision concerning a signal about unfair clauses in the General terms of credit and lending services of Eurobank EFG JSC for consumers.

Referring to article 148 of the Consumer Protection Act, the Commission announced that the following clauses are unfair under article 143 of the Consumer Protection Act.

In the first part of the general provisions in paragraph 1.2. under article 143 of the Consumer Protection Act the clause stating that if market conditions change, the Bank has the right to change the parameters of the credits for consumers without a prior notification is considered to be unfair.

In the second part about consumer credits for consumers, under article 143 paragraph 13 the clause in paragraph 2.8  is considered to be unfair because it states  that the base rate is changed when the market conditions change as the possible changes  have been enumerated and they end with “et cetera”, which gives the Bank the right to interpret the clauses of the contract.

Paragraph 2.9 according to which if the base rate is changed, the Bank unilaterally changes the repayments determined at the contract signing, is also considered to be unfair under article 143 paragraph 12 of the Consumer Protection Act. In this way consumers are deprived of breaking the contract.

Under the same article 142 paragraph 12 the clause in paragraph 3.9 is unfair too since it says that when the base rate of mortgage loan is changed, the repayments are changed unilaterally by the Bank. Therefore consumers are deprived of breaking the contract.

In the same paragraph under article 142 the clause in which the market conditions under which the base rate is changed is unfair as the conditions enumerated end with “et cetera,” which gives the Bank the right to interpret the clauses of the contract.