Lawyer says EU court ruling protects consumers with Swiss franc loans

By Stelios Orphanides

Consumers who received loans in Swiss francs from banks are protected from exchange rate fluctuations, a lawyer said a day after the Swiss National Bank scrapped the currency’s cap to the euro exchange rate.

As a result, Switzerland’s national currency gained more than 15 per cent towards the euro in two days and was traded today close to 1.01 francs per euro.