Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-16-Speech-3-182"

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"This vote relates to the second reading of the proposal initially made by the European Commission in 2002. These compromises are aimed at reaching agreement with the Council on a text that would repeal the current Directive 87/102/EEC and introduce a common legal framework for consumer credit agreements. The idea is to facilitate the opening-up of national markets and to promote cross-border consumer credit operations, with the aim of stepping up competition and ‘improving’ the internal market. Among other things, it lays down the formula for calculating the annual percentage rate of charge (APR), the conditions in the event of early repayment and information to be given to consumers regarding credit agreements. We voted in favour of the proposals that are designed to offer better consumer protection, which is especially important in Portugal, where families’ indebtedness is constantly on the rise, exceeding 124% of available income, and where the major financial groups are making scandalous profits. We voted against all the proposals for facilitating the opening-up of financial markets and cross-border credit, designed to remove barriers to the entry of the major financial groups rather than to protect consumers."@en1

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