Brussels, 18/12/2001 (Agence Europe) - The European Commission has published online a register of lending institutions that have adhered to the European Code of Conduct on pre-contractual consumer information concerning home loans. The list includes the 2658 institutions that informed the Commission that they intend to comply with the Code before the 30 September 2002 deadline. It will be updated as soon as all the institutions have actually registered, the Commission explained, adding that it was still waiting for information from France and Spain.
The Code of Conduct was signed on 15 March 2001 by five European consumer organisations and six European credit institutions providing home loans. By signing the Code, mortgage lending institutions undertake to provide potential borrowers with general information about the various products on offer, including the different types of interest rate (fixed, variable or a combination of the two) and on all additional charges connected with the mortgage; and personalised information in the form of a "European Standardised Information Sheet". The sheet describes the product, the nominal rate of interest, the APRC (annual percentage rate of charge), the amount of the loan granted and the exact amounts to be paid throughout the duration of the loan, early repayment options and redress procedures. (The register can be accessed at: http: //europa.eu.int/comm/internal_market/fr/finances/lending.)