Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-15-Speech-2-074"
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"en.20080115.7.2-074"2
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"Mr President, Commissioner, ladies and gentlemen, I welcome the Commission’s well-intentioned attempt to establish a functioning internal market with enhanced consumer rights in the realm of consumer credit. The result of its efforts, however, must honour the pledge made to consumers by offering them a wider choice, better terms and conditions in the wake of increasing competition and less red tape. Judged by that standard, the final draft directive on consumer credit is unsatisfactory in many respects.
Firstly, the prescribed standard information, which runs to some eight pages, is too extensive. I doubt whether customers will actually use it to inform themselves of the detailed terms and conditions. In practice, this is a tangible increase in red tape, for which consumers will have to pay at the end of the day.
Secondly, the provisions on early credit repayment squander the opportunity to let consumers share in any windfall that might accrue to the creditor because of a favourable change in interest rates after the lending date.
Thirdly, the compromise that has been reached will effectively put an end to overdraft facilities, which are standard practice in Germany and widely used elsewhere. The public will deeply regret this and will have one more reason to gripe about the Brussels Moloch. What counts is quality, not quantity."@en1
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