Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 81

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 81
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 interest rate in effect at the time, increased by 50%. If more than two years have passed since the judgment ordering the restitution of amounts, the annual interest shall not be less than 20%. Interest will accrue daily from the date the consumer paid the amounts claimed (e.g., in cases of expenses related to a mortgage loan, from the time of signing of such mortgage loan).
(ii) Mandatory Pre-Claim Process
Before filing a lawsuit, in most civil disputes, it will be mandatory to attempt to resolve the dispute through alternative dispute resolution mechanisms. For disputes filed by consumers against financial institutions related to unfair terms in mortgages, this requirement will involve submitting a prior claim to the lender, who must respond and include, as the case may be, a calculation of the amount to be reimbursed. If the lender fails to resolve the claim, it cannot introduce new arguments in court beyond those included in its response.
In the case of judicial debt claims where no enforcement proceedings are initiated, the financial institution shall also resort to alternative dispute resolution mechanisms. In addition, at any stage of enforcement proceedings, the parties may submit to mediation or any other appropriate dispute resolution mechanisms, in which case the enforcement proceeding shall be suspended.
(iii) Modification of the Valuation of Unquantifiable Claims
Courts have generally considered that a declaratory claim for the nullity of a clause is of indeterminate value. When the value of a lawsuit is indeterminate, the regulation provides that, for the purposes of cost assessment, claims are estimated at €18,000, unless the complexity of the case dictates otherwise.
The new law provides for increasing the valuation of unquantifiable claims from €18,000 to €24,000. If a party is found to have committed a “misuse of judicial resources”, procedural costs and fines of up to €6,000 may be imposed on such a party. This may increase the costs of litigation.
Additionally, certain articles of procedural law were amended, including, among others, those related to the judicial auction of assets.
Investment Services
Several sustainability initiatives within the European Union are expected to significantly impact the asset management and retail investment services sectors during 2025. In particular: (i) the European Securities and Markets Authority (“ESMA”) published the Guidelines on Funds' Names Using ESG or Sustainability-Related Terms in August 2024, which became effective on November 21, 2024. Asset managers are required to adapt the names of investment funds under their management as of that date—or, alternatively,