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June 24, 2021
BaFin general ruling on interest rate adjustment in savings contracts

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With an unprecedented general ruling (publicly announced on BaFin's website on 21.06.2021), Ba-Fin is trying to force all banks and savings banks, regardless of the circumstances of the individual case, to inform their customers about the (consistently assumed) invalidity of interest rate adjustment clauses in premium savings contracts and the lack of a generally binding supplementary interpretation of the contract by the courts.

The legal basis for these measures is disputed; after all, BaFin interferes with the private autonomy between bank and client. Constitutionally, a correction of legally inadmissible contractual arrangements can only be carried out by the state courts, but not by the administration, which includes BaFin.

In addition to questions of exceeding competences (disregard of the separation of powers prescribed by the
separation of powers), the general ruling is also highly problematic in terms of content. For example, BaFin believes that it can order that back interest payments be made since the beginning of the contract, regardless of the legally disputed question of the statute of limitations, which has not been clarified by the highest courts.


The following should now be noted:

  • Note and monitor the implementation deadline of 12 weeks from the date of notification.
  • File an objection in due time and form within one month of notification of the general ruling.
  • Check suspensive effect of the objection (§ 80 para. 1 VwGO)
  • Identify potentially relevant savings contracts (terminated contracts also affected!)
  • Carry out a legal assessment

The lawyers of our banking law team are at your disposal for advice and representation.