“EU Proposals to Improve Efficiency and Competitiveness of Residential Mortgage Markets Welcome”.
The open and transparent way in which the EU is bringing forward proposals on this issue, which will have concrete benefits for citizen in Ireland and all across the EU, highlights the thorough and inclusive manner in which EU laws are proposed ” says Roche.
“The EU White Paper on the integration of mortgage credit markets sets out a package of measures aimed at improving the efficiency and competitiveness of the EU residential mortgage markets.
The measures which are proposed if carried forward into EU wide legislation will:
1 - Facilitate cross border supply and funding of mortgage
2 - Facilitate customer mobility.
3 - Increase the product diversity.
4 - By producing a common set of requirements, improve customer confidence.
The approach being adopted by the European Commission in its White Paper is a case study in the painstaking approach adopted by the Commission prior to the production of proposals in a complex but important area.
The approach which is currently in place involving as it does a whole series of detailed studies, the widest possible consultation, detailed examination and study by various Member State Parliaments also demonstrates just how wrong those who argue that there is a democratic deficiency in the EU law making process are.
The proposals in the White Paper are now subject to the widest possible scrutiny and consultation right across the EU Member States. The way in which the European Commission is bringing forward proposals in this area again demonstrate the inclusive and transparent manner in which they work on behalf of the citizen of Europe. These facts completely contradict the accusations made by Libertas and others that the EU law making process is in some way a closed shop. Nothing could be further from the truth.
The Irish Government supports moves towards a single European mortgage market. Many of the initiatives discussed in the White Paper are already in place such as regulative non credit institutions including sub prime lenders and a ban on the linking of services. The approach being used by the Commission in this case relying as it does on rigorous impact assessment of the various policy options for all issues is welcome. The Government compliments and welcomes the very detailed report which is being produced by the Joint Oireachtas Committee on European Affairs on this issue. That report highlights the fact that there may be many potential benefits for Irish consumers to be derived from the implementation of the White Paper proposals. In particular, the Oireachtas Committee has welcomed the proposals on enhancing the rights of consumers in areas such as the better and more comparable pre- contractual information, improved access to credit data and a ban on product tying.
The European Commission in the White Paper stresses the importance of mortgage credit for both the EU citizens and for the economy at large. It identifies the importance of tackling barriers in order to achieve greater integration of mortgage credit markets. Such integration will assist consumers and mortgage lenders to take full advantage of the benefits of the single market” - Minister Roche Said.
20th November 2008.