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Author: Miriam Anderson Publisher: ISBN: 9789089521989 Category : Housing Languages : en Pages : 460
Book Description
How has European Private Law responded to the property and mortgage markets crisis? And in what way is this reaction likely to model domestic systems? The financial and economic crisis that marked the beginning of the century has had a devastating effect on the property and mortgage markets in many Member States of the European Union. Despite this, the European legislator took its time to respond. This book analyzes the impact of the Mortgage Credit Directive (Directive 2014/17) in twelve different jurisdictions: Belgium, England, France, Germany, Greece, Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The reports show how in some instances only certain products (such as foreign currency loans) or practices (irresponsible lending, homeownership promoting policies, the use of unfair terms) were factors that triggered the property crash; in other cases; the system completely failed to address an exceptional situation; and, finally, how in some instances prudent lending explained why the market was virtually not hit at all. This book aims to find out whether the two goals of Directive 2014/17 (financial sector stability and enhanced consumer protection) can be achieved in light of its provisions and of the transposition carried out by the different Member States, and whether the changes it introduces have a significant impact in the jurisdictions considered here. Some systems are already showing signs of yet another property bubble. There is room for hope: perhaps we have learned from the past, perhaps the Directive is a step forward, but more importantly this book shows that we can learn from each other. [Subject: European Law, Private Law, Property Law]
Author: Miriam Anderson Publisher: ISBN: 9789089521989 Category : Housing Languages : en Pages : 460
Book Description
How has European Private Law responded to the property and mortgage markets crisis? And in what way is this reaction likely to model domestic systems? The financial and economic crisis that marked the beginning of the century has had a devastating effect on the property and mortgage markets in many Member States of the European Union. Despite this, the European legislator took its time to respond. This book analyzes the impact of the Mortgage Credit Directive (Directive 2014/17) in twelve different jurisdictions: Belgium, England, France, Germany, Greece, Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The reports show how in some instances only certain products (such as foreign currency loans) or practices (irresponsible lending, homeownership promoting policies, the use of unfair terms) were factors that triggered the property crash; in other cases; the system completely failed to address an exceptional situation; and, finally, how in some instances prudent lending explained why the market was virtually not hit at all. This book aims to find out whether the two goals of Directive 2014/17 (financial sector stability and enhanced consumer protection) can be achieved in light of its provisions and of the transposition carried out by the different Member States, and whether the changes it introduces have a significant impact in the jurisdictions considered here. Some systems are already showing signs of yet another property bubble. There is room for hope: perhaps we have learned from the past, perhaps the Directive is a step forward, but more importantly this book shows that we can learn from each other. [Subject: European Law, Private Law, Property Law]
Author: Agnieszka Nierodka Publisher: ISBN: Category : Languages : en Pages : 22
Book Description
In February 2014, the European Parliament approved the text of a new Mortgage Credit Directive, ending more than two years of work on the unification of the mortgage market in Europe. EU Member States have had two years to adapt their national legislations to the new requirements - the deadline for implementation of the Directive expires in March 2016. Although the final version of the Directive, whose aim is to harmonize and raise the standards of offering mortgage loans in the EU, was made significantly more relaxed relative to the original assumptions, this does not mean that implementation of the new regulations will be easy for the financial sector. The purpose of this article is to present the main provisions of the Mortgage Credit Directive, its planned implementation into Polish law and the major challenges related to the process.
Author: Publisher: ISBN: 9789276223009 Category : Languages : en Pages :
Book Description
The Mortgage Credit Directive (Directive 2014/17/EU) aims to create an efficient and competitive internal market for consumers, creditors and credit intermediaries. It aims to provide a high level of consumer protection; and promote financial stability by ensuring that mortgage credit markets operate in a responsible manner. Member States were required to transpose the Directive into their national law by 21 March 2016, but only eight transposed the Directive on time. Spain was the last country to fully transpose the Mortgage Credit Directive, in June 2019. This study has been commissioned by the European Commission (DG FISMA) to support an evaluation of the Directive and to address the regulatory requirements under Articles 44 and 45. The aim of the study is to assess the effectiveness, efficiency, relevance, coherence and EU added value of the Mortgage Credit Directive as well as the simplification and burden reduction potential, in line with Better Regulation principles. The research has combined a review of the literature with extensive stakeholder consultation, including interviews, a mystery shopping and a consumer survey. The evaluation finds that the Mortgage Credit Directive has effectively raised the bar in terms of consumer protection in many EU Member States and has helped to level the playing field for different market players. On the whole, it has remained relevant in light of digital and other market trends, although there are some areas where clarification is needed. The costs of implementation have also been found to be limited for industry. The market for mortgages however remains of national nature, with limited cross-border activity.
Author: Emilia Miscenic Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
Purchasing real estate is the most important act in the life of the average consumer” according to the Commission Report, COM(95) 117 final. The mortgage credit market belongs to the most complex markets in which consumers engage and the mortgage credit agreements make 70 % of consumer credits in Europe. The Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property or so-called Mortgage Credit Directive, which was adopted in February 2014, aims at the protection of consumers by following the supreme goal of the establishment and functioning of the internal market. At the same time it tries to fight against financial crisis and to promote financial stability by ensuring that the mortgage credit market and its participants operate in a responsible manner. The author examines the provisions of the new Mortgage Credit Directive in the light of consumer protection and by its critical overview tries to answer the question from the title of this paper: “Are consumers finally getting the protection they deserve?
Author: Elina Pyykkö Publisher: ISBN: Category : Credit Languages : en Pages : 9
Book Description
In this ECRI Commentary, Elina Pyykkö provides a snapshot of the current state of household credit markets in Europe. She assesses how member states have recovered from the financial crisis by looking at credit markets and other financial indicators. The evidence is used to discuss what grounds the different stages of recovery provide for new EU-wide legislative proposals, in particular the proposed directive on mortgage credit.--Publisher description.
Author: Rita Simon Publisher: ISBN: Category : Languages : en Pages : 15
Book Description
The previously unregulated gap in European consumer credit law was relatively quickly filled by Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property under the pressure stemming from the financial crisis. The deadline of the transposition expired on 21.3.2016, however only 9 member states published their national implementing measures in time, namely the United Kingdom, Germany, Austria, Estonia, Hungary, etc. In less developed mortgage markets with a highly reserved consumer law approach, like the Hungarian and Czech markets, the regulatory framework was created mostly because of the pressure of obligatory transposition. After a brief appraisal of the directive (1) and a short introduction on the already existing Hungarian and Czech mortgage credit regulation (2), this article will examine the main problem areas of these two national implementations: the information provision requirements towards credit intermediaries and creditors (3), and the admission of intermediaries (4).
Author: Mr.Shekhar Aiyar Publisher: International Monetary Fund ISBN: 1513511653 Category : Business & Economics Languages : en Pages : 79
Book Description
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Author: Miriam Anderson
Author: Miriam Anderson
Author: Agnieszka Nierodka
Author: 
Author: Great Britain
Author: Great Britain
Author: Emilia Miscenic
Author: Elina Pyykkö
Author: Great Britain
Author: Rita Simon
Author: Mr.Shekhar Aiyar