Interest Rate Swap Judgement By The BGH (Federal Court Of Justice) And Its Practical Consequences
Mondaq Business Briefing › Germany Law Articles in English (2011)
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Interest Rate Swap Judgement By The BGH (Federal Court Of Justice) And Its Practical Consequences
In its judgement dated 22.03.2011 (reference number: XI ZR 33/10), the BGH for the first time delivered an opinion on interest rate swap agreements, which had attracted much attention by the public. No other judgement by the XI. civil court of appeal has attracted as much attention in recent years. The practical consequences of the judgement could be far-reaching. "You will cause a second financial crisis, if you state in the judgement that the bank is not allowed to realize a profit or that it should inform thereof" 1 , warned the counsel of the bank concerned in the oral proceedings. Things are not quite that bad, nevertheless, the ...
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