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Euro loan directive delayed to make more amendments

The European parliament’s economic and monetary affairs committee has delayed the vote on its proposed final text for the European mortgage credit directive until May 8.

The European Commission’s directive includes a wide range of proposals about the advice process, the buy-to-let market and the future of the key facts illustration.

The European Econ committee was set to vote on the directive last week but further amendments posed in negotiations have caused it to be put back by a fortnight.

The vote was initially set to take place before Christmas but was pushed back to February 28 and then April 25 as Econ members struggled to reach a consensus. The vote is to agree the Econ committee’s final position on the proposed contents of the directive, taking into account the European Commission’s original proposals, the internal market and consumer affairs committee’s final position and all 900 amendments that have been tabled. A plenary vote is scheduled for September.

The Econ rapporteur Spanish MEP Antolin Sanchez-Presedo has been accused of struggling to reach an agreement.

Capital Fortune managing director Rob Killeen says: “The the delay will impact on companies’ ability to plan, especially as we have a final set of proposals for the mortgage market review. Decisions need to be made quickly.”

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