Facts
In 1972, the Central Bank of Chile contracted a dollar loan from the Commercial Bank for Northern Europe. A portion of this loan, namely ... dollars, was transferred to the benefit of the National Bank of Cuba with the Swiss Bank Corporation in Zurich. When this "deposit" matured in early September 1973, Chile was experiencing unrest. On 27 September 1973, Cuba retroactively adopted Law No. 1256, freezing in particular the balance of the Central Bank of Chile. In July 1981, the Central Bank of Chile filed an action before the Commercial Court of the Canton of Zurich against the National Bank of Cuba to obtain payment of the sum blocked for political reasons, namely ... Swiss francs plus interest.Considerations
The Commercial Court qualified the contractual relationship between the parties as a loan and declared Chilean law applicable. The National Bank of Cuba disputes this legal qualification and the application of Chilean law, arguing that it is a deposit contract subject to Cuban law.
The Federal Tribunal considers that, based on the established facts, the transfer of money by the Central Bank of Chile to the National Bank of Cuba was intended to make funds available to the latter for it to use according to its needs and to return them later. It was therefore a loan, the characteristic performance of which is the transfer of funds by the lender, whose domicile determines the applicable law according to Swiss private international law. Chilean law, which requires the repayment of loans that have matured or been terminated, is therefore applicable.
Even if Cuban law were applicable, Cuban Law No. 1256…