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Articoli Correlati: credit agreement

In 2007, Ms Anica Milivojeviæ, a Croatian national, concluded with Raiffeisenbank, which has its registered office in Austria, a non-renewable credit agreement of € 47.000. In 2015, she brought an action before Court of Rijeka against Raffeisenbank for a declaration of invalidity of the credit agreement since, on 14 July 2017, a national law entered into force. Such new regulation provided for the retroactive invalidity of credit agreements concluded in Croatia with a foreign lender which does not hold the authorisations required by the Croatian authorities. The Court of Rijeka took the view that such regulation is likely to prejudice Raffeisenbank’s freedom to provide financial services, and it asks the Court of Justice whether that runs counter to the freedom to provide services in the internal market of the EU. The Court considers that Croatian law directly discriminates against lenders established outside Croatia: indeed, the invalidity regime should apply without distinction to all non-authorised lenders, so the regulation constitutes a restriction on the exercise of the freedom to provide services.