Brussels, 15/05/2008 (Agence Europe) - On Wednesday 14 May 2008, EU finance ministers adopted a conclusions document on the European Commission's White Paper on integrating the EU mortgage market (see EUROPE 9567). They share the European Commission's view that integration will be driven more by supply than demand. Cultural and language issues and consumer preferences have a huge impact on consumer behaviour and consumers still prefer to take out mortgages with local suppliers. In this connection, the ministers stress the importance of increasing consumer involvement, for example when testing out new information requirements that consumers will be entitled to demand from salesmen.
The ECOFIN Council backs the Commission's plan to continue this year to assess the cost effectiveness of introducing regulation in the following areas: access to national credit listings; early repayment; the quality and comparability of pre-contractual information, interest rates and APR (annual percentage rate of charge); and encouraging responsible behaviour by lender and borrowers alike. It welcomed the Commission's announcement that it will be unveiling a recommendation this year on the valuation of goods, land registers and repossessions. (M.B.)