He Supreme Court confirmed the judgment of the Court of First Instance 7 of Córdoba of 2021 by which the nullity of a loan of 3 million euros signed by the municipality of IU and the PSOE with Liberbank for which the Town Hall continued to pay exorbitant interest (a 133 percent interest), for which he ultimately paid 10 million euros.
With this legal decision, announced this Friday by the deputy mayor of the Treasury, Blanca Torrent, the Town Hall recover up to 10 million euros when the loan contract is declared void. Although it must return the 3 million lent to the entity, the municipal coffers recover what was paid plus interest during the period. 17 years have passed and favorable coastlines. Torrent and the external lawyers in charge of the trial estimate that this is close to 10 million.
The trial judgment held that the municipal government and senior officials at the time never understood the complexity of what they were signing. Firstly, it was signed with CCM but the entity was a commission agent of I xis Corporate and Investment Bank through a exchange contract.
The key to everything was that the loan had a very low ten-year fixed interest rate, 2.5 percent. From that point on, variable and attractive prices were set if silver was between 2 and 5.5 percent. Outside of this range, they have been activated huge penalties.
“Negligence and incompetence”
Torrent took advantage of the announcement to attack UI and PSOE. “Signing this loan represented a disproportionate burden on the city council and a clear example of incompetence on the part of this left-wing government.” Credit was signed in 2007 by IU with Caja Castilla La Mancha (the sentence therefore now falls on Liberbank-Unicaja).
The Town Hall had to return the 3 million loans and the bank the 10 subscribers, plus fees and interest over time, it is estimated that they will be around 10 million. The municipal council benefited from an external opinion for this trial.
“This statement shows very clearly which government defends the public interests and the funds that the people of Córdoba give us in projects that make this city grow. A left-wing government signed the most damaging loan for municipal coffers. A poor quality, incompetence and irresponsibility that even the IU and the PSOE did not want to resolve,” added the head of the Treasury.
