Banking Law and Credit Securities

The trial where for the first time a bank was defeated regarding the effective date and application of interest is still famous.

The judgement upheld that interest, contrary to the practice according to which interest started from the issue date of the check, had to be counted from the payment date of the check; and also that the interest to be applied could not refer to that “of the market”, but had to be specified in writing.

The judgment no. 1025/88 of the Italian Court of Appeal of Naples paved the way to the laws on banking transparency, as noted by a well-known commentator.

That judgement was commented on by specialized journals (Il Foro Italiano, Giustizia Civile, etc.) and published by major newspapers:

– Guida al risparmio: 10/10/1988;

– Dibattiti ed Attualità: 26/9/1988;

– Il Mattino: 21/9/1988;

– Il Giornale: 21/9/1988;

– La Repubblica: 21/9/1988;

– Economia e Finanza: 22/9/1988;

– Il Gazzettino Veneto: 22/9/1988.

The greatest emphasis was given by “Il Sole 24 ore” issued on 20 and 21/9/1988, whose front page had the title: “A Bank Defeated in Appeal. Charges starting only from the check cashing” (writer Angelo Ciancarella).

That judgement pioneered a matter that has been developing over time and is constantly evolving in favour of consumers.