Press Release: Council adopts directive on mortgage credits

The Council of the European Union on 28 January 2014 at the Economic and Financial Affairs meeting in Brussels adopted a directive aimed at creating a single market for mortgage credits in the EU, with a high degree of consumer protection.

The directive sets out to to create an efficient and competitive single market for the benefit of consumers, creditors and credit intermediaries. It seeks to establish a high level of protection whilst addressing irresponsible lending and borrowing which, in the recent context of financial crisis, has contributed to increased numbers of unaffordable loans, defaults and foreclosures throughout the EU.