Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-360-000"
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"en.20110510.60.2-360-000"2
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"This report is important in terms of extending the Single Market to the area of cross-border pre-financing. At the moment, this activity is partially blocked due to the reluctance of creditors in one Member State to grant loans to debtors living in another Member State. One specific example is where a resident of one Member State wants to take out a mortgage with a bank located in another Member State. At present, this transaction is not possible, which means that consumers do not actually have the right to purchase products (banking, in this case) from any EU Member State. The reason for a bank refusing to give mortgages to anyone other than residents of the same Member State (even when the relevant bank is a multinational and is represented in a number of Member States by subsidiaries or branches) is that, in the event of a default on the loan, the bank is obliged to proceed with a forced execution procedure in accordance with
(the law of the state where the property for which the mortgage has been arranged by the lending bank is located) and not with the law of the state where the creditor has its registered office. If a 28th regime procedure is going to be instituted, in keeping with this report, this would facilitate cross-border credit-based transactions."@en1
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