Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-19-Speech-1-077"
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"en.20040419.6.1-077"2
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"Mr President, I would like to restrict my remarks to Mr Wuermeling's report on consumer credit. This is his second attempt to reach a compromise on the Consumer Credit Directive, Parliament having opposed many aspects of the proposed directive and referred it back to committee in November 2003.
This directive aims to harmonise laws, regulations and administrative procedures of the Member States concerning agreements covering credit granted to consumers and surety agreements entered into by consumers. Having expressed my opposition to many aspects previously, I will be happy to support Mr Wuermeling's report provided the amendments on so-called 'responsible lending', the compulsory use of credit reference databases and the exemption for mortgages are all adopted, and provided the so-called credit union amendments, 4 and 61, are supported by this House.
The Credit Union movement in Ireland and the UK is unique. Most financial institutions that lend money are in business to maximise profits. Credit unions are different as they are owned and run by their members. Each member on their boards and principal committees is a volunteer – there are 15 000 of them in my own country – as are the majority of their staff, except in the larger credit unions which have up to 2000 paid employees. They are restricted from operating outside their local geographic area and provide mainly small amounts of credit for low-income members and for those in financial difficulty. Through the Money Advice and Budgeting Service known as MABS in Ireland, they provide access to credit for individuals who are often seriously in debt and otherwise prey to illegal money lenders providing loans at impossibly high interest rates.
In my country, where we have less than four million inhabitants, there are 2.5 million members of credit unions with savings in excess of EUR 9 billion. 37% of loans issued by the credit unions are for EUR 750 or less. The average loan is EUR 7000. A total of EUR 5 billion is out on loans at the moment. Effective leadership for all our credit unions on the island of Ireland is provided by the Irish League of Credit Unions.
In conclusion, harmonisation is needed and welcomed to the extent that it respects the different range of financial products and the cultural differences in financial services in each Member State. We need a balance here in protecting the consumer from the lender and the lender from the consumer."@en1
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