Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-313-500"
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"en.20121120.28.2-313-500"2
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The own-initiative report prepared by the Committee on the Internal Market and Consumer Protection is to be supported, since it is a successful addition to the Consumer Credit Directive already in force in the European Union. The report includes a couple of important recommendations which could strengthen consumer rights protection in the EU Member States. For example, in many states consumers are quite often not aware of the risks and costs that might arise if they opt in favour of loans in another currency. Therefore, among other suggestions, the report recommends that Member States’ consumer rights supervisory authorities should require financial institutions to provide consumers with personalised, complete and easily understandable explanations regarding the risks involved in foreign currency lending.
The report also calls on the Member States to extend the existing level of consumer protection, since the directive as currently in force does not provide for consumer protection for loans of less than EUR 200. This call is welcome, since in many states, particularly in eastern Europe, micro-lenders are starting to become increasingly active and are offering small-scale short-term loans at enormous interest rates."@en1
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