FBE welcomes release of new Consumer Credit Proposals

10 October 2005

The European Banking Federation (FBE) welcomes the Commission’s release of the modified proposal for a consumer credit directive, particularly that mortgage credit, sureties and guarantor agreements were excluded, and that the threshold above which credit is not considered for consumption purposes was halved down to 50.000 €.

“The Commission has applied a new recipe, by mixing together maximum harmonisation of key provisions and the application of mutual recognition to Member States’ varying implementations of the supporting and otherwise peripheral provisions” Guido Ravoet, FBE Secretary General, said. “It remains to be seen, however, if all the ingredients have been properly dosed”.

Press release

© FBE