Banks will consider further legal options available to them in Croatia and at the European level, the Croatian Banking Association (HUB) and Erste Bank said on Tuesday in a comment on the ruling by the Supreme Court in a case concerning holders of loans originally pegged to the Swiss franc.

The Supreme Court earlier in the day ruled that banks had breached the collective interests and rights of holders of loans originally pegged to the Swiss franc.

The court reported that it had refused a motion by the defendant for a review of the case in which the Croatian Consumer Protection Association sued eight domestic banks to protect their collective interests and rights.

Commenting on the ruling, HUB said that banks would consider further legal steps to be taken in Croatia and at the European level.

With its ruling the Supreme Court did not essentially give any new rights to loan holders nor did it determine its position with regard to individual lawsuits. It is a fact that a part of loan holders launched individual lawsuits by June 13, 2019 and that different legal situations have been arising from that, depending on loan holders’ individual statuses, HUB said.

The banking association also believes that in its ruling the Supreme Court only gave an additional comment on the issue of the Consumer Credit Act, namely the right to loan conversion.