Franak vows to keep on fighting after Supreme Court ruling

Croatia's Supreme Court ruled on Thursday that borrowers who voluntarily converted their Swiss franc loans into euros are not entitled to reimbursement of overpaid loan principal resulting from previously unlawful interest rate provisions.

Goran Aleksić, head of the consumer advocacy group Franak, immediately condemned the ruling as unconstitutional. Reiterating the group's position at a press conference on Friday, he pledged to continue the legal fight.

"The decision goes against the Civil Obligations Act, European Union law, Croatia's Constitution and the Convention on Human Rights," Aleksić said.

Franak announced that it would file separate motions with the Constitutional Court seeking to overturn each element of the Supreme Court's ruling and secure full compensation for affected borrowers.

The decision also sparked a political exchange.

HDZ official Krunoslav Katičić accused SDP leader Siniša Hajdaš Dončić of undermining judicial independence through his criticism of the ruling, describing the SDP leader's comments as hypocritical and unsustainable.

"Croatia's judiciary is independent. The decision was made by a panel of judges by a 9-4 vote. Although the ratio does not matter, that is the court's decision and we must all abide by it," Katičić said.

SDP lawmaker Mirela Ahmetović rejected the criticism, saying her party had never attempted to influence the judiciary but would do everything within its power to protect citizens.

"The decision comes as a disappointment to tens of thousands of Croatians who are victims of the excessive greed of the banking system," Ahmetović said, adding that HDZ had failed to show empathy for those affected.