Јединствено тржиште хипотекарних кредита
The single market for mortgage loans

Summary/Abstract: The European Commission proposed the Directive on Credit Agreements for Consumers Relating to the Residential Immovable Property, more commonly referred to as the MCD, on 31 March 2011 for the adoption through the codecision procedure. After the first reading agreement, the Mortgage Credit Directive was published in Official Journal on 28 February 2014. The Directive known as Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on Credit Agreements for Consumers Relating Residential Immovable Property and Amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No. 1093/2010 will take effect 20 days after its publication date and Member States will have two years to implement it. This means that the deadline for its implementation will be 21 March 2016. The objectives of this act are to create efficient and competitive single market for consumers, creditors and credit intermediaries with high level of consumer protection and to promote financial stability by ensuring that mortgage credit markets operate in responsible manner. Most of the Directive provisions concerns setting the minimum regulatory requirements that member states are required to meet in order to protect consumers taking out credit agreements secured against the borrowers and also any other lending where the purpose is to acquire or retain property rights. One of the most significant new changes is the introduction of a new disclosure called the European Standard Information Sheet (ESIS). Lenders and credit intermediaries will have to provide personalised information to consumers using ESIS. The purpose of the ESIS is to allow consumers to compare calculation of interest rates, repayment methods and early repayment. Understanding the pre-contractual information is probably the most fundamental element affecting consumers’ financial decision-making procedures. Therefore, the existence of a clear, comprehensive and understandable standardised information sheet containing the main features of mortgage loans is essential for customers to take informed decisions and is necessary for the comparative exercise of the different offers available in the market. This Directive requires from Member States to guarantee the right of borrowers to repay their mortgages before the end of the contract. The Directive will ensure that, when an offered mortgage credit contract is denominated in foreign currency, the borrower is made aware through information and personalised explanations of the related currency risks and the effects there of on the cost of their loan. If a credit agreement relates to a foreign currency loan, Member States must ensure that the consumer has the right to convert the credit agreement into an alternative currency under specified conditions, or that there are other arrangements in place to limit the exchange rate risk to which the consumer is exposed. Domestic solutions cannot solve the problems in the market and common standards across the EU are necessary to promote an efficient and competitive single market for residential mortgages with a high level of consumer protection.

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