Frankfurt In the dispute over premium savings contracts, a higher regional court (OLG) has decided on the exact calculation of interest for the first time. The OLG Dresden ruled that a customer of Sparkasse Dresden was entitled to additional payments, but not in the amount requested. On the one hand, this is due to the reference interest rate set by the Higher Regional Court and, on the other hand, to the fact that it does not use the so-called moving average when calculating interest.
Last week, the Higher Regional Court of Dresden set the current yield of listed federal securities with a remaining term of eight to 15 years as the reference interest rate. It also spoke out against the use of so-called moving averages when calculating interest – which in this case would have been to the advantage of savings bank customers (Az. 5 U 1973/20).
The dispute is about the correct calculation of interest for long-term savings contracts, usually for so-called premium savings contracts from savings banks. According to the financial regulator Bafin, there are more than a million such contracts. The theoretically possible repayments could amount to high billions.
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With premium savings contracts, consumers receive a bonus that increases over time, also known as a premium, in addition to the variable basic interest rate, which is based on a reference interest rate. The highest bonus is often equal to or half the savings deposited that year. In view of the zero and negative interest rates, the contracts are very attractive for consumers, but a loss-making business for savings banks.
Many savings banks had long stated that they would correctly calculate interest in premium savings contracts. Nevertheless, they were pleased with the current verdict. The East German Savings Banks Association stated that it and its member savings banks saw themselves confirmed by two judgments by the OLG Dresden. The court “clearly rejected the exaggerated claims of third parties that had recently been raised in connection with premium savings contracts”.
The Sparkasse Dresden describes the calculation basis of the consumer advice center in Saxony as incorrect. The verdict shows that the consumer advice center “has exaggerated and raised false expectations”. The dispute over the correct calculation of interest has been going on for about three years. Consumer advocates have initiated several sample determination procedures. The consumer advice center in Saxony alone submitted eight.
Savings banks have not calculated interest correctly so far
Last autumn, the consumer advice center in Saxony largely prevailed with a model declaratory action before the Federal Court of Justice (BGH). At that time, the BGH had decided that savings banks could only adjust the interest rates in premium savings contracts according to clear criteria and that they had to be based on long-term market interest rates. The consumer advice center had sued the Sparkasse Leipzig.
The BGH decision ultimately leads to higher interest payments. However, the highest German civil court had left it open how exactly the affected savings banks should calculate the interest. That should be decided by the lower court, OLG Dresden, with the help of experts.
Surprisingly, the Dresden Higher Regional Court did not set the reference interest rate for the first time – as actually expected – in this or even in a test case, but in the course of an individual lawsuit. The importance attached to the judgment is shown by the fact that the ombudsmen at the arbitration board of the German Savings Banks and Giro Association have changed their minds.
They initially thought the same reference interest rate as the consumer advocates would be appropriate, albeit not the moving averages. Now they, too, name the daily yield on exchange-listed federal securities with a remaining term of eight to 15 years.
>> Read more here: Controversy over premium savings contracts: More and more savings banks are open to additional payments
The updated activity report of the arbitration board states: After the finance professor Friedrich Thießen, commissioned by the OLG Dresden as an expert, presented his expert opinion in the oral hearing in March and named the current yields of listed federal securities with a remaining term of more than eight to 15 years as a suitable reference value, ” the ombudsmen are now following his expertise”.
Also Schönfelder by Dr. Bock & Collegen fears that the decision will have consequences for further legal disputes. “All courts in Germany will be guided by this judgment. This has already been communicated to me by various courts from other federal states,” she told the Handelsblatt. In this case, you cannot go before the BGH. The OLG Dresden ruled out the appeal.
Verbraucherzentrale Sachsen wants to go before the BGH again
Some savings banks have approached their customers and are offering additional payments, which Bafin had requested. These repayments are now likely to be based on the reference interest rate from the most recent Higher Regional Court ruling.
But consumers still have opportunities for higher amounts. Because even the dispute about the right reference interest rate should still end up at the Federal Court of Justice. The legal expert at the consumer advice center in Saxony, Michael Hummel, plans to do this in the event that the OLG Dresden also applies the reference interest rate as in the current judgment in pending test cases. “If the same reference interest rate comes out in these cases, we will definitely go to the Federal Court of Justice,” Hummel told the Handelsblatt. Revision is possible in the model procedure.
“For us, the reference interest rate set by the OLG is not acceptable,” said Hummel. “And we think a moving average is appropriate for the calculation.” That’s more favorable for consumers given the ever-lower interest rates over the past ten years. On May 4th, the OLG Dresden was already negotiating two further test cases on premium savings contracts against Sparkasse Bautzen and Sparkasse Mittelsachsen.
The consumer advice center also wants to take action against the Sparkasse Dresden. According to Hummel, a corresponding model lawsuit is being prepared. Two hearings at the Bavarian Supreme Court are scheduled for May 13th. The model declaratory actions are directed against Stadtsparkasse München and Sparkasse Nürnberg.
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