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The CHU of Saint-Étienne has lost its appeal on the French-Belgian bank Dexia in the so-called "toxic loans" case.
The Court of Appeal of Versailles has condemned the University Hospital of Saint-Etienne to repay several million euros of variable rate loans – so-called "toxic loans" – contracted from the French-Belgian bank Dexia between 2004 and 2010, reports France Bleu Saint-Étienne Loire this Wednesday.
The hospital wanted to renegotiate its loans by asking for the nullity of the loan interest clauses, or even the cancellation of these contracts. The medical establishment considered that the bank had breached its information obligations, but the court upheld the judgment rendered at first instance by dismissing the hospital. "Inadmissible" because "there is no evidence that the bank was contractually obliged to provide information or advice".
At the end of 2011, Dexia required € 150 million for the repurchase of the loans in question, reduced to € 100 million at the end of 2016, which would amount to about € 65 million in 2018. The contract between the hospital and the bank provides a fixed rate of repayment to 5% until 2021 but then the rate will become variable and therefore unpredictable. Knowing that Dexia's claim runs until 2035, the unions are worried about the situation.
CHU Saint-Etienne is one of the most indebted hospitals in France.
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