On Thursday 27 April, the European Commission decided to take action against Croatia, Cyprus, Portugal and Spain before the Court of Justice of the European Union for failing to transpose the mortgage credit directive (2014/17), which the member states had until March 2016 to do (see EUROPE 11516). The directive lays down the rules of conduct for providers of mortgage credit and an obligation to provide consumers with certain information (early repayment, loans in foreign currencies, tied...