EBF calls for further work on Consumer Credit Directive

30 April 2007

The EBF calls for further work on the consumer credit directive in light of a possible breakthrough among the Council of Ministers. The current calculation method for early repayment is not economically justifiable, EBF criticizes. Also, the Federation would like overdrafts to be excluded from the scope of the directive. Finally, the Annual Percentage Rate of Charge should only include costs that lenders take for their own benefit.

“Despite some further reservations, if the crucial issues were solved, the EBF would consider the text as more balanced for the benefit of all, consumers and industry alike” , Guido Ravoet, EBF Secretary General said.

Press release

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