Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-16-Speech-3-130"

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"Ladies and gentlemen, I am pleased that today, after six years of discussions, we have provided Europe with harmonised credit rules. Consumer protection will be enhanced and this will also apply across borders. It is possible that it might help a little to reduce unwanted household debts. The fourteen-day deadline for withdrawal from an agreement without penalty should help, as will the duty to supply the buyer in advance with standardised information on all loan charges. The new element is the right to repay the loan early. What divided us most was how to make sure that the banks do not charge horrendous penalties for early repayments. The level of the penalties should now correspond only to the actual expenditure. However, I think that it would be appropriate to limit, too, the level of the charges, in view of the residual value of credit, which is what we have voted for today."@en1

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