For more than twenty-five years, thousands of cross-border borrowers have taken out home loans denominated in Swiss francs to purchase property located in France, without having been clearly informed of the exchange-rate risk inherent in such financing.

Although these loans are denominated in Swiss francs, borrowers in fact receive capital disbursed in euros at the time of the property purchase, and must then repay their debt in Swiss francs, whose value in euros fluctuates according to currency movements.

The significant and continuous depreciation of the euro against the Swiss franc since 2008 has caused an increase in the cost of financing and the real cost of acquiring the property, generating a debt significantly higher than initially anticipated.

From 2014, the Court of Justice of the European Union, followed by national courts, gradually clarified transparency requirements and strengthened consumer protection with respect to repayment-in-foreign-currency clauses and provisions relating to exchange-rate risk. These requirements were initially reserved for people who were paid in euros. This effectively excluded Swiss cross-border workers.

Judicial decisions handed down from January 2025 onwards mark a decisive turning point: they now allow borrowers, including those paid in Swiss francs, to seek the annulment of their loan and the restitution of the amounts paid. The loans concerned are taking place, but also those already repaid (without age limit), in euros, or even in Swiss francs (contracted before 2000).

The conference organized by the Staff Association, which took place on 15 January 2026, presented the legal foundations of this reversal, the recent case law and its concrete effects for borrowers. In particular, it reviewed the decisions annulling such loans issued since January 2025, the judgments of 9 July 2025 recognizing cross-border workers’ exposure to currency risk, as well as the judgment of 17 September 2025 concerning the starting point of the limitation period for restitutionary claims.

The recording of this conference is available at the following web address: https://videos.cern.ch/record/3020452. The conference abstract as well as the presentation are accessible to members of the Staff Association on the event’s Indico page: https://indico.cern.ch/event/1619322/. Additional information can also be found on the website: www.dana-avocats.fr.

Dana-avocats is not the only law firm that can handle this type of case in court. It is a leading firm in Swiss franc mortgage litigation, representing several hundred cross-border borrowers before the French courts. It should also be remembered that the procedure before each court can last about 18 months. This procedure can therefore take between 3 and 4 years.