Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-11-14-Speech-2-190"
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"en.20061114.33.2-190"2
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"I welcome the Green Paper on Mortgage Credit, which explores how competition in the EU mortgage market could increase consumer choice and reduce costs.
Consumer confidence in banks is of paramount importance. Therefore the willingness of a borrower to deal with a foreign lender will be determined not only by the competitiveness of the mortgage, but also by the level of consumer protection that will apply to the foreign lender.
Ireland enjoys a relatively sophisticated mortgage credit market in EU terms, including access to the full range of competitively priced mortgage products. Expansion of this market across borders may develop naturally through subsidiaries or branches abroad on a more widespread basis, if the market is encouraged in other areas. Therefore I believe that legislative intervention should only be used as a last resort and to address proven market failure.
I fully encourage the Commission in creating electronic land registers which can be accessed online. The fact of the matter is that lenders cannot enter other markets without absolute certainty regarding the security of their collateral. Given the experience that many citizens have had purchasing overseas property, an online register reflecting all relevant charges affecting property ownership rights is vital."@en1
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