7

rezultāts(-i)

Vārds(-i)
Publikācijas veids
Politikas joma
Jautājuma autors
Datums

Unfair terms in Swiss franc loans: Overview of European Court of Justice case law

04-03-2021

In the first decade of the 21st century, loans denominated in or indexed to foreign currencies, in particular the Swiss franc, became very popular in a number of EU Member States, including Greece, Croatia, Hungary, Austria, Poland, Romania, and Slovenia, and also in two non-EU countries, Montenegro and Serbia. For a certain period, in some Member States these loans became the most popular type of loan issued to consumers. By pegging loans to a stable foreign currency, banks could lend more money ...

In the first decade of the 21st century, loans denominated in or indexed to foreign currencies, in particular the Swiss franc, became very popular in a number of EU Member States, including Greece, Croatia, Hungary, Austria, Poland, Romania, and Slovenia, and also in two non-EU countries, Montenegro and Serbia. For a certain period, in some Member States these loans became the most popular type of loan issued to consumers. By pegging loans to a stable foreign currency, banks could lend more money to the same consumer by virtue of interest rates being lower than those for the same type of loan expressed in the national currency. However, when, as a result of the global economic crisis, the rate of exchange between the Swiss franc and these national currencies (zlotys, forints, kunas, etc.) soared, consumers found themselves trapped. Often, they had to repay as much as twice the value of the loan taken, and could not escape the unfavourable contract by simply selling the property they had bought, as this would cover only a fraction of their debt. While certain Member States implemented mechanisms aimed at protecting consumers and bringing the situation under control, the case law of the European Court of Justice (ECJ), based on dynamic interpretation of the Unfair Terms Directive (93/13), has proved to be a significant factor in securing effective consumer protection. This briefing explains the legal significance of the relevant ECJ judgments, against the backdrop of the Swiss franc loan situation in Europe.

Banking union – Annual report 2019

04-03-2020

The European Parliament's own-initiative report on the banking union in 2019 is due to be debated during the March I plenary part-session. It touches on emerging challenges and actual risks for the European banking sector, stressing its role in funding the real economy, and addresses prudential and resolution rules. The report also restates the need to complete the banking union by establishing a fiscal backstop and a European deposit insurance scheme, and advocates greater active involvement for ...

The European Parliament's own-initiative report on the banking union in 2019 is due to be debated during the March I plenary part-session. It touches on emerging challenges and actual risks for the European banking sector, stressing its role in funding the real economy, and addresses prudential and resolution rules. The report also restates the need to complete the banking union by establishing a fiscal backstop and a European deposit insurance scheme, and advocates greater active involvement for the Parliament in the process.

Studies in Focus: Mis-selling of Financial Products

14-09-2018

This note, prepared by Policy Department A for the Committee on Economic and Monetary Affairs, gives an overview of five studies on Mis-selling of financial products which were published in June 2018.

This note, prepared by Policy Department A for the Committee on Economic and Monetary Affairs, gives an overview of five studies on Mis-selling of financial products which were published in June 2018.

The European Systemic Risk Board: Output since Inception

23-05-2017

This briefing looks back at five years of existence of the ESRB and gives an overview of its concrete output. It will be regularly updated.

This briefing looks back at five years of existence of the ESRB and gives an overview of its concrete output. It will be regularly updated.

Cross Border Acquisitions of Residential Property in the EU: Problems Encountered by Citizens

05-04-2016

This study was commissioned by the European Parliament's Policy Department for Citizens' Rights and Constitutional Affairs at the request of the JURI Committee. It identifies and analyses the legal and practical difficulties that an EU citizen faces when buying properties abroad and investigates what can be done to assist an EU citizen when buying residential immovable property in another Member State, making ten recommendations to improve their lot.

This study was commissioned by the European Parliament's Policy Department for Citizens' Rights and Constitutional Affairs at the request of the JURI Committee. It identifies and analyses the legal and practical difficulties that an EU citizen faces when buying properties abroad and investigates what can be done to assist an EU citizen when buying residential immovable property in another Member State, making ten recommendations to improve their lot.

Ārējais autors

Peter Sparkes (University of Southampton), Dilsen Bulut (ZERP, University of Bremen), Magdalena Habdas (University of Silesia), Mark Jordan (Southampton Law School), Héctor Simón Moreno (University Rovira i Virgili, Tarragona), Sergio Nasarre Aznar (University Rovira i Virgili, Tarragona), Tommi Ralli (ZERP, University of Bremen) and Christoph Schmid (ZERP, University of Bremen)

Understanding Securitisation: Background − benefits − risks

14-10-2015

In the blame game that followed the recent financial crisis, securitisation was held up as one of the main culprits. This reputation, amongst other factors, translated into a significant drop in issuance since the crisis, both in Europe and in the US. Nevertheless, the true picture is more nuanced − although securitisation presents real risks, it can also bring benefits to issuers, investors and the economy in general. Given this, and in the context of the current low-growth economic environment, ...

In the blame game that followed the recent financial crisis, securitisation was held up as one of the main culprits. This reputation, amongst other factors, translated into a significant drop in issuance since the crisis, both in Europe and in the US. Nevertheless, the true picture is more nuanced − although securitisation presents real risks, it can also bring benefits to issuers, investors and the economy in general. Given this, and in the context of the current low-growth economic environment, a simpler and more transparent form has been proposed by various stakeholders, in the context of the creation of the Capital Markets Union, as a way to boost the European economy.

Consumer Protection Aspects of Financial Services

10-02-2014

Inadequate consumer protection, especially in the U.S. mortgage market, not only led to considerable consumer detriment but was a major contributor to the global financial crisis. In the EU, mis-selling of financial products has also resulted in significant consumer harm. Considering the significant potential detriment that financial services can cause to individual consumers and to the Single Market, consumer protection policy needs to properly focus on this area. Improved transparency and better ...

Inadequate consumer protection, especially in the U.S. mortgage market, not only led to considerable consumer detriment but was a major contributor to the global financial crisis. In the EU, mis-selling of financial products has also resulted in significant consumer harm. Considering the significant potential detriment that financial services can cause to individual consumers and to the Single Market, consumer protection policy needs to properly focus on this area. Improved transparency and better informed transactions resulting from such policy will lead to better solutions for consumers and greater market efficiency. A number of recommendations to strengthen consumer protection in the area of financial services are put forward in this study.

Ārējais autors

Patrice Muller, Shaan Devnani, Richard Heys and James Suter (London Economics)