Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-10-Speech-2-211-099"
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"en.20130910.33.2-211-099"2
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"I welcome Parliament’s approval of the first ever piece of EU legislation in the field of mortgages and, in fact, on a retail banking product. It is clear that the 2001 voluntary European code of conduct on pre-contractual information has not worked and needs to be replaced by binding rules that apply across Europe. A mortgage is the most important financial undertaking entered into by most individuals or couples during their lifetimes. This Directive will help lead to a Europe-wide market for mortgages and better consumer protection, including a ban on misleading advertising, clearer information about conditions and risks, the right to repay a loan early, as well as more strenuous obligations on lenders. It should bring an end to the irresponsible lending practices that contributed to the financial crisis in many Member States, including my own, and further stabilise the housing market. I would now urge the Council Presidency to work with MEPs so that we can reach agreement on the full and proper transposition of this important Directive into national legislation over the next two years."@en1
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