Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-03-Speech-3-363"
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"en.20011003.13.3-363"2
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". – Mr President, I should like to begin by saying that the Commission is in a very comfortable position because it agrees entirely with the content of the resolution adopted almost unanimously on 28 August of this year by the Committee on Economic and Monetary Affairs.
The voluntary code of conduct which underpins the Commission's recommendation is the very first example of an agreement reached between banking and consumer associations on the standardisation of information which must be made available to consumers before a contract is concluded. Its existence proves, as has rightly been pointed out in the resolution, that market participants are best placed to negotiate proper solutions and to ensure an appropriate balance of interests between contractual parties. But however well placed they might be, market participants need a neutral and indefatigable broker to accompany, and sometimes remotivate them, during the long and difficult negotiations of this code. Tribute has been paid by the rapporteur to the Commission's role and the Commission is duly appreciative and grateful to the rapporteur for that acknowledgement.
As agreed between and called for by all parties, the broker, that is, the Commission, will now transform itself into a notary and, if need be, into a referee. As a notary, the Commission will, in line with the resolution, keep a register of home-loan lenders who adhere to the code. That register will be kept up-to-date and made available online. I say this in particular to Mr Radwan who wanted this code to be on the Internet and it will be. It will be made available online on the Commission's website and appropriate transparency will therefore be ensured. During the negotiation phase the lack of appropriate transparency was deplored in the report. It is a point well taken by the Commission, but at least when the register is on the net then that transparency will be restored. That is with the Commission as a notary.
As a referee the Commission will monitor compliance with its recommendation and assess its effectiveness. The Commission made it clear in its recommendation that it will consider presenting binding legislation should the terms of its recommendation not be fully complied with. Parliament will, as is rightly called for in the resolution, be closely informed – that also is a point that was raised tonight – about our monitoring and compliance-assessment work.
I am convinced that the code and our related recommendation will play a very significant role in the completion of the internal market for financial services to which Parliament regularly reiterates its support. I am also hopeful, like the rapporteur, that this pioneer initiative, once again the first of its kind, will not be a one-off experience. Its success will, however, depend on the commitment of all parties – and I am pleased to inform this Parliament that the number of companies having notified their adherence to the code is now already significant, although not entirely satisfactory in some Member States. I can assure Parliament that the Commission will work hard in order to ensure adherence of the entire sector.
In conclusion, Mr Ettl has put forward certain wishes. The Commission takes note of those wishes but would like to point out that this affair is restricted to precontractual information and therefore information on interest rates and so on is beyond the scope of this instrument. So the Commission takes note of what Mr Ettl has just said but it does not see its way to complying with those wishes."@en1
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