Gli interessi negativi nel sistema dei contratti di finanziamento

The thesis focuses on the interaction between loans and negative interest rates. Payments of interest on floating-rate loans are usually linked to specific benchmarks, such as EURIBOR. In the recent past, the above-mentioned reference rate decreased below zero. In theory, this could mean that lenders have to pay (negative) interest to borrowers - a disruptive scenario in the loan contract system, in which borrowers are normally required to pay interest to lenders, and not vice versa. Nevertheless, the nature of non-gratuitous loan contracts suggests that the fall below zero of EURIBOR or similar benchmarks does not imply that borrowers are entitled to receive a negative interest payment from lenders in loans that include a floating rate. In fact, interest in the Italian legal system is a remuneration tool for lending activity. Therefore, the lender should be ensured of complete loan repayment. Not only is the borrower not entitled to any credit, but they are also required to pay back the installments of their debt in full. However, if the agreement contains specific provisions regulating the payment of negative interest, they will apply. For instance, this is the case for loans that include an embedded derivative clause or contracts that are different from loans, such as interest rate swaps.