A preliminary hearing was held on 4 July 2012 and the class action against Zagrebacka Banka, Privredna Banka, Erste Bank, Raiffesenbank, Hypo Alpe-Adria-Bank, OTP, Splitska Banka, and Sberbank was granted in December.
The trial began in March, with the judge saying the currency clause was allowed but that its application should be an exemption and not a rule. He also wondered about the justification of introducing the clause at a time when the kuna was more stable than the Swiss franc or the euro.
If the court finds that the eight banks dishonestly contracted clauses pegged to the Swiss franc with changing interest rates, such loans should be converted to the kuna at the exchange rate on the day the loans were contracted. Clients could individually seek refunds but would not have this right by winning the class action.
This is the first such suit in Croatia. Potrosac, a consumer association, says more than 100,000 Croatians have loans pegged to the Swiss franc.