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ECJ rules banks cannot charge interest on funds never disbursed to customers
The EU Court of Justice ruled that banks cannot charge interest on amounts higher than actually disbursed to the customer. In the case at issue, the bank paid out 133,000 PLN but charged interest on the full 150,000 PLN. Most Polish government bodies defended this banking practice before the ECJ — only one took the opposite stance, which the court upheld. The ruling could have major financial consequences for Poland's entire banking sector.
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