To close the “Helvet Immo” affair, BNP finds an amicable solution which could cost it up to 600 million euros

Convicted on appeal in the “Helvet Immo” affair, these toxic loans taken out in Swiss francs and repayable in euros, BNP reached an agreement on Monday with the consumer association CLCV.

This is the end of the “Helvet Immo” affair, a very long history of toxic loans granted by Cetelem, a subsidiary of BNP Paribas. Nearly 4,500 people had borrowed money in Swiss francs which they then had to repay in euros. An amicable solution was found on Monday 1^er January with the consumer association CLCV. BNP Paribas should have to pay between 400 and 600 million euros, according to franceinfo calculations.

“Helvet Immo” is a tax-free rental investment loan which was marketed by BNP Paribas Personal Finance, better known as Cetelem, during the years 2008-2009. This contract had a particularity: it was denominated in Swiss francs but reimbursable in euros. The problem is that at the same time the subprime crisis broke out. And because of this major financial crisis, the euro has fallen against the Swiss franc. The amounts to be reimbursed have therefore skyrocketed and the contracts have become financial pits.

The case continued in court. Nearly 4,500 customers filed complaints, supported by the consumer association CLCV which has been a civil party since 2015. The criminal proceedings are over: at the end of November 2023, the bank was found guilty on appeal of misleading commercial practices and receiving stolen goods, since she had hidden the risks linked to her loan.

All loan contracts canceled, according to this agreement

She was sentenced to the maximum fine of 187,500 euros and above all, to damages of tens of millions of euros. The overall amount is not known because in November, documents were still missing from the files of several hundred complainants. A new examination is planned for the end of April 2024. At first instance, the envelope was increased to 130 million euros. In parallel with this criminal case, the CLCV initiated civil action, to cease unfair clauses and also, a group action in 2016.

The bank therefore preferred to stop the fees. An amicable solution has been found, announced the consumer association on Monday January 1 in a press release: “BNP Paribas Personal Finance is committed to offering a solution in the coming months to all borrowers”. The agreement also provides for the cancellation of all loan contracts. Such a scandal could no longer occur today since a law has prohibited, since July 2013, taking out a loan in a foreign currency.