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Anatocism, Spanish Law and Draft Common Frame of Reference

This paper analyzes the articles of the Draft Common Frame of Reference on anatocism and compares them with the current Spanish regulation. This paper examines how the concept of anatocism has been disfavored throughout history, how it was initially regulated and which have been the European regulatory trends on this issue. The starting point of the analysis is that the nature of anatocism interests – compound interests – is moratorium given that their main function is to compensate the creditor for the profits lost as a result of the debtor’s default in the payment of interests he was entitled to and not to punish the defaulting debtor. Spanish law distinguishes between civil and commercial regulation and further between legal and conventional anatocism. This paper presents the most controversial aspects of this figure, analyzes the requirement of judicially claiming, the interests accrued from overdue interests as well as the applicable interest rate, the three formulas available for calculating such interests and requirements of such interests to have been already accrued. After presenting the regulation included in the Draft Common Frame of Reference, comparative conclusions to improve the regulation of compound interests are presented.