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These final draft RTS set the minimum monetary amount of the PII or comparable guarantee for mortgage credit intermediaries by specifying an amount for each individual claim (€ 460,000) and an aggregate amount per calendar year for all claims (€ 750,000).
The amounts are the result of a policy approach that involved calculating the minimum monetary amount for the PII or comparable guarantee based on the arithmetic average of the existing national minimum amounts of the PII or comparable guarantees used in those Member States that already require PII or comparable guarantee for mortgage credit intermediaries. The EBA selected this approach in light of the current absence of data that would be required if alternative methods were to be employed.
The work of the EBA was carried out as specified in the EU Directive on credit agreements for consumers relating to residential immovable property, which also provides for a review of this delegated act by 21 March 2018. The EBA will at that point assess whether additional data will be available to allow for a change to the calculation method.
Final Draft RTS on PII for mortgage credit intermediaries