Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-11-14-Speech-2-074"
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"en.20061114.8.2-074"2
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".
Mr President, Commissioner, many thanks to Mr Purvis for the work he has done. The Green Paper on mortgage credit that the Commission published in July 2005 triggered intensive debate on whether the EU’s legislators should initiate action, and, if so, in which areas.
Attempting to enact regulations applicable across Europe as a whole would seem to run up against very considerable differences between legal systems, and, above all, between financial cultures, but buying real property is the biggest decision on matters of expenditure that many households will take, and so the mortgage credit required to fund that is of commensurate importance. Studies show that private customers still – despite the euro and the internal market – have recourse to a credit institution they trust, as a rule to the bank with which they have an account, and that does of course have something to do with the fact that, of all financial markets, that for mortgage credit is the most complex. The giving of mortgage credit is therefore still carried out on a largely national, or indeed local, basis.
Of all mortgage credit, only 1% is taken out across borders, not least – or so one surmises – as a consequence of the market and tax barriers involved; further integration would represent an estimated net 1% gain for European mortgage markets – a not inconsiderable sum that would be achieved over no more than ten years. If, then, we want an internal market in mortgage credit, we will have to guarantee that new rules applicable to it will result in a measurable added value for private customers.
One of the most important things from the consumer's point of view is the ability to compare the various credit offers before signing a contract, along with the option of early repayment of part of the loan and the conditions subject to which variable or fixed interest rates may be agreed. The ways in which various associated charges are calculated must also be both comparable and transparent.
Any new rules must also improve the situation of borrowers with poor or incomplete credit ratings, above all by enabling them to afford mortgages. Persons in this category include workers on short-term contracts and younger workers in particular, and these potential borrowers should not be excluded from the mortgage market. Experience has shown that the voluntary code of conduct to which over 3 000 lenders signed up in 2003 has not, in fact, been complied with, and here too there is a need for the Commission to review the situation and take action.
In any case, though, the further integration of the EU’s mortgage credit market would be beneficial not only to consumers but also to the economy."@en1
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