+DIRECTIVE (EU) 2023/2225 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 October 2023 on credit agreements for consumers and repealing Directive 2008/48/EC
---+CHAPTER I GENERAL PROVISIONS
------+Article 1 Subject matter
------+Article 2 Scope
---------+Article 2 1.
---------+Article 2 2.
---------+Article 2 3.
---------+Article 2 4.
---------+Article 2 5.
---------+Article 2 6.
---------+Article 2 7.
---------+Article 2 8.
------+Article 3 Definitions
------+Article 4 Conversion of amounts expressed in euro into national currency
---------+Article 4 1.
---------+Article 4 2.
------+Article 5 Obligation to provide information free of charge to consumers
------+Article 6 Non-discrimination
---+CHAPTER II INFORMATION TO BE PROVIDED PRIOR TO THE CONCLUSION OF THE CREDIT AGREEMENT
------+Article 7 Advertising and marketing of credit agreements
------+Article 8 Standard information to be included in advertising of credit agreements
---------+Article 8 1.
---------+Article 8 2.
---------+Article 8 3.
---------+Article 8 4.
---------+Article 8 5.
---------+Article 8 6.
---------+Article 8 7.
---------+Article 8 8.
------+Article 9 General information
---------+Article 9 1.
---------+Article 9 2.
------+Article 10 Pre-contractual information
---------+Article 10 1.
---------+Article 10 2.
---------+Article 10 3.
---------+Article 10 4.
---------+Article 10 5.
---------+Article 10 6.
---------+Article 10 7.
---------+Article 10 8.
---------+Article 10 9.
---------+Article 10 10.
------+Article 11 Pre-contractual information with regard to credit agreements referred to in Article 2(6) or (7)
---------+Article 11 1.
---------+Article 11 2.
---------+Article 11 3.
---------+Article 11 4.
---------+Article 11 5.
---------+Article 11 6.
---------+Article 11 7.
---------+Article 11 8.
------+Article 12 Adequate explanations
---------+Article 12 1.
---------+Article 12 2.
------+Article 13 Personalised offers on the basis of automated processing
---+CHAPTER III TYING AND BUNDLING PRACTICES, INFERRED AGREEMENT, ADVISORY SERVICES AND UNSOLICITED GRANTING OF CREDIT
------+Article 14 Tying and bundling practices
---------+Article 14 1.
---------+Article 14 2.
---------+Article 14 3.
---------+Article 14 4.
---------+Article 14 5.
------+Article 15 Inferred agreement for the conclusion of any credit agreement or the purchase of ancillary services
---------+Article 15 1.
---------+Article 15 2.
------+Article 16 Advisory services
---------+Article 16 1.
---------+Article 16 2.
---------+Article 16 3.
---------+Article 16 4.
---------+Article 16 5.
---------+Article 16 6.
------+Article 17 Ban on unsolicited granting of credit
---+CHAPTER IV ASSESSMENT OF CREDITWORTHINESS AND DATABASE ACCESS
------+Article 18 Obligation to assess the creditworthiness of the consumer
---------+Article 18 1.
---------+Article 18 2.
---------+Article 18 3.
---------+Article 18 4.
---------+Article 18 5.
---------+Article 18 6.
---------+Article 18 7.
---------+Article 18 8.
---------+Article 18 9.
---------+Article 18 10.
---------+Article 18 11.
------+Article 19 Databases
---------+Article 19 1.
---------+Article 19 2.
---------+Article 19 3.
---------+Article 19 4.
---------+Article 19 5.
---------+Article 19 6.
---------+Article 19 7.
---------+Article 19 8.
---+CHAPTER V FORM AND CONTENT OF CREDIT AGREEMENTS
------+Article 20 Form of the credit agreement
---------+Article 20 1.
---------+Article 20 2.
------+Article 21 Information to be included in the credit agreement
---------+Article 21 1.
---------+Article 21 2.
---------+Article 21 3.
---+CHAPTER VI MODIFICATIONS OF THE CREDIT AGREEMENT AND CHANGES IN THE BORROWING RATE
------+Article 22 Information regarding the modification of the credit agreement
------+Article 23 Changes in the borrowing rate
---------+Article 23 1.
---------+Article 23 2.
---+CHAPTER VII OVERDRAFT FACILITIES AND OVERRUNNING
------+Article 24 Overdraft facilities
---------+Article 24 1.
---------+Article 24 2.
---------+Article 24 3.
---------+Article 24 4.
---------+Article 24 5.
------+Article 25 Overrunning
---------+Article 25 1.
---------+Article 25 2.
---------+Article 25 3.
---------+Article 25 4.
---------+Article 25 5.
---------+Article 25 6.
---+CHAPTER VIII WITHDRAWAL, TERMINATION AND EARLY REPAYMENT
------+Article 26 Right of withdrawal
---------+Article 26 1.
---------+Article 26 2.
---------+Article 26 3.
---------+Article 26 4.
---------+Article 26 5.
---------+Article 26 6.
---------+Article 26 7.
---------+Article 26 8.
---------+Article 26 9.
------+Article 27 Linked credit agreements
---------+Article 27 1.
---------+Article 27 2.
---------+Article 27 3.
------+Article 28 Open-end credit agreements
---------+Article 28 1.
---------+Article 28 2.
------+Article 29 Early repayment
---------+Article 29 1.
---------+Article 29 2.
---------+Article 29 3.
---------+Article 29 4.
---------+Article 29 5.
---+CHAPTER IX ANNUAL PERCENTAGE RATE OF CHARGE AND MEASURES TO LIMIT RATES AND COSTS
------+Article 30 Calculation of the annual percentage rate of charge
---------+Article 30 1.
---------+Article 30 2.
---------+Article 30 3.
---------+Article 30 4.
---------+Article 30 5.
------+Article 31 Measures to limit borrowing rates, annual percentage rates of charge or total costs of credit to the consumer
---------+Article 31 1.
---------+Article 31 2.
---------+Article 31 3.
---------+Article 31 4.
---+CHAPTER X CONDUCT OF BUSINESS OBLIGATIONS AND REQUIREMENTS FOR STAFF
------+Article 32 Conduct of business obligations when providing credit to consumers
---------+Article 32 1.
---------+Article 32 2.
---------+Article 32 3.
---------+Article 32 4.
---------+Article 32 5.
------+Article 33 Knowledge and competence requirements for staff
---------+Article 33 1.
---------+Article 33 2.
---------+Article 33 3.
---+CHAPTER XI FINANCIAL EDUCATION AND SUPPORT TO CONSUMERS IN FINANCIAL DIFFICULTIES
------+Article 34 Financial education
---------+Article 34 1.
---------+Article 34 2.
------+Article 35 Arrears and forbearance measures
---------+Article 35 1.
---------+Article 35 2.
---------+Article 35 3.
---------+Article 35 4.
---------+Article 35 5.
------+Article 36 Debt advisory services
---------+Article 36 1.
---------+Article 36 2.
---------+Article 36 3.
---------+Article 36 4.
---+CHAPTER XII CREDITORS AND CREDIT INTERMEDIARIES
------+Article 37 Admission, registration and supervision of non-credit institutions and non-payment institutions
---------+Article 37 1.
---------+Article 37 2.
---------+Article 37 3.
------+Article 38 Specific obligations for credit intermediaries
---+CHAPTER XIII ASSIGNMENTS OF RIGHTS AND DISPUTE RESOLUTION
------+Article 39 Assignment of rights
---------+Article 39 1.
---------+Article 39 2.
------+Article 40 Out-of-court dispute resolution
---------+Article 40 1.
---------+Article 40 2.
---+CHAPTER XIV COMPETENT AUTHORITIES
------+Article 41 Competent authorities
---------+Article 41 1.
---------+Article 41 2.
---------+Article 41 3.
---------+Article 41 4.
---------+Article 41 5.
---------+Article 41 6.
---------+Article 41 7.
---------+Article 41 8.
---------+Article 41 9.
---+CHAPTER XV FINAL PROVISIONS
------+Article 42 Level of harmonisation
---------+Article 42 1.
---------+Article 42 2.
------+Article 43 Imperative nature of this Directive
---------+Article 43 1.
---------+Article 43 2.
------+Article 44 Penalties
---------+Article 44 1.
---------+Article 44 2.
---------+Article 44 3.
------+Article 45 Exercise of the delegation
---------+Article 45 1.
---------+Article 45 2.
---------+Article 45 3.
---------+Article 45 4.
---------+Article 45 5.
---------+Article 45 6.
------+Article 46 Review and monitoring
---------+Article 46 1.
---------+Article 46 2.
---------+Article 46 3.
---------+Article 46 4.
------+Article 47 Repeal and transitional provisions
------+Article 48 Transposition
---------+Article 48 1.
---------+Article 48 2.
------+Article 49 Entry into force
------+Article 50 Addressees
---+ANNEX I
---+ANNEX II
---+ANNEX III
---+ANNEX IV
|
English -
European Union -
Financial Industry -
DIRECTIVE (EU) 2023/2225 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 October 2023 on credit agreements for consumers and repealing Directive 2008/48/EC
DIRECTIVE (EU) 2023/2225 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 18 October 2023
on credit agreements for consumers and repealing Directive 2008/48/EC
1. Ħarsa ġenerali
| Titlu |
Regolamentazzjoni |
|
CHAPTER I GENERAL PROVISIONS
|
CHAPTER I GENERAL PROVISIONS
|
|
CHAPTER II INFORMATION TO BE PROVIDED PRIOR TO THE CONCLUSION OF THE CREDIT AGREEMENT
|
CHAPTER II INFORMATION TO BE PROVIDED PRIOR TO THE CONCLUSION OF THE CREDIT AGREEMENT
|
|
CHAPTER III TYING AND BUNDLING PRACTICES, INFERRED AGREEMENT, ADVISORY SERVICES AND UNSOLICITED GRANTING OF CREDIT
|
CHAPTER III TYING AND BUNDLING PRACTICES, INFERRED AGREEMENT, ADVISORY SERVICES AND UNSOLICITED GRANTING OF CREDIT
|
|
CHAPTER IV ASSESSMENT OF CREDITWORTHINESS AND DATABASE ACCESS
|
CHAPTER IV ASSESSMENT OF CREDITWORTHINESS AND DATABASE ACCESS
|
|
CHAPTER V FORM AND CONTENT OF CREDIT AGREEMENTS
|
CHAPTER V FORM AND CONTENT OF CREDIT AGREEMENTS
|
|
CHAPTER VI MODIFICATIONS OF THE CREDIT AGREEMENT AND CHANGES IN THE BORROWING RATE
|
CHAPTER VI MODIFICATIONS OF THE CREDIT AGREEMENT AND CHANGES IN THE BORROWING RATE
|
|
CHAPTER VII OVERDRAFT FACILITIES AND OVERRUNNING
|
CHAPTER VII OVERDRAFT FACILITIES AND OVERRUNNING
|
|
CHAPTER VIII WITHDRAWAL, TERMINATION AND EARLY REPAYMENT
|
CHAPTER VIII WITHDRAWAL, TERMINATION AND EARLY REPAYMENT
|
|
CHAPTER IX ANNUAL PERCENTAGE RATE OF CHARGE AND MEASURES TO LIMIT RATES AND COSTS
|
CHAPTER IX ANNUAL PERCENTAGE RATE OF CHARGE AND MEASURES TO LIMIT RATES AND COSTS
|
|
CHAPTER X CONDUCT OF BUSINESS OBLIGATIONS AND REQUIREMENTS FOR STAFF
|
CHAPTER X CONDUCT OF BUSINESS OBLIGATIONS AND REQUIREMENTS FOR STAFF
|
|
CHAPTER XI FINANCIAL EDUCATION AND SUPPORT TO CONSUMERS IN FINANCIAL DIFFICULTIES
|
CHAPTER XI FINANCIAL EDUCATION AND SUPPORT TO CONSUMERS IN FINANCIAL DIFFICULTIES
|
|
CHAPTER XII CREDITORS AND CREDIT INTERMEDIARIES
|
CHAPTER XII CREDITORS AND CREDIT INTERMEDIARIES
|
|
CHAPTER XIII ASSIGNMENTS OF RIGHTS AND DISPUTE RESOLUTION
|
CHAPTER XIII ASSIGNMENTS OF RIGHTS AND DISPUTE RESOLUTION
|
|
CHAPTER XIV COMPETENT AUTHORITIES
|
CHAPTER XIV COMPETENT AUTHORITIES
|
|
CHAPTER XV FINAL PROVISIONS
|
CHAPTER XV FINAL PROVISIONS
|
|
ANNEX I
|
ANNEX I
STANDARD EUROPEAN CONSUMER CREDIT INFORMATION
(
6
)
Key information
Part I
[Always on the first page of the form]:
|
Creditor
Where applicable
Credit intermediary
|
[Identity]
[Identity]
|
|
Total amount of credit
This means the ceiling or the total sums made available under the credit agreement.
|
|
|
Duration of the credit agreement
|
|
|
The borrowing rate or, where applicable, different borrowing rates which apply to the credit agreement
|
[%
|
|
Annual percentage rate of charge (APR)
This is the total cost expressed as an annual percentage of the total amount of credit.
The APR is there to help you compare different offers.
|
|
|
Total amount you will have to pay
This means the amount of borrowed capital plus interest and possible costs related to your credit.
|
[Sum of total amount of credit and total cost of credit to the consumer]
|
|
Where applicable
The credit is granted in the form of a deferred payment for specific goods or specific services or is linked to the supply of specific goods or the provision of specific services
Name of good/service
Cash price
|
|
|
Costs in the case of late payments
|
You will be charged [… (applicable interest rate and arrangements for its adjustment and, where applicable, default charges)] for late payments.
|
Part II
[If following elements cannot be displayed in a prominent way on one page, they shall be displayed in the first part of the form on the second page]:
|
Instalments and, where appropriate, the order in which instalments will be allocated
|
You will have to pay the following:
[The amount, number and frequency of payments to be made by the consumer]
Interest and/or charges will be payable in the following manner:
|
|
Warning regarding the consequences of missing or late payments
Missing or late payments could have severe consequences for you (e.g. forced sale) and make it more difficult for you to obtain credit in the future.
|
|
|
Right of withdrawal
You have the right to withdraw from the credit agreement within a period of 14 calendar days.
|
Yes/no
|
|
Early repayment
You have the right to repay the credit early at any time fully or partially.
Where applicable
The creditor is entitled to compensation in the case of early repayment.
|
Yes
|
|
Creditor
Geographical address
Telephone number
Email address
Web address (*1)
|
|
|
Where applicable
Credit intermediary
Geographical address
Telephone number
Email address
Web address (*1)
|
|
(*1)
This information is optional.
|
Additional information about the credit agreement
1.
Description of the main features of the credit product
|
The type of credit
|
|
|
The conditions governing the drawdown
This means how and when you will obtain the money.
Where applicable
Other drawdown mechanisms for the relevant type of credit agreement may result in higher annual percentage rates of charge
|
[Where the credit agreement provides different ways of drawdown with different charges or borrowing rates and the creditor uses the assumption set out in Part II, point (b), of Annex III, include an indication that other drawdown mechanisms for the relevant type of credit agreement may result in higher annual percentage rates of charge]
|
|
Where applicable
Sureties required
This is a description of the security to be provided by you in relation to the credit agreement.
|
[Kind of sureties]
|
|
Where applicable
Repayments do not give rise to immediate amortisation of the capital.
|
|
|
Where applicable
The price was personalised on the basis of automated decision-making.
|
|
2.
Costs of the credit
|
Where applicable
The different borrowing rates that apply to the credit agreement
|
[%
— variable (with the index or reference rate applicable to the initial borrowing rate),
— conditions governing the application of each borrowing rate,
— periods, conditions and procedures for changing each borrowing rate]
|
|
Representative example illustrating the annual percentage rate of charge (APR) and the total amount payable by the consumer
|
[% A representative example mentioning all the assumptions used for calculating the annual percentage rate of charge to be set out here]
|
|
Is it compulsory, in order to obtain the credit or to obtain it on the terms and conditions marketed, to take out
— an insurance policy securing the credit, or
— another ancillary service contract?
If the costs of these services are not known by the creditor, they are not included in the APR.
|
Yes/no [if yes, specify the kind of insurance]
Yes/no [if yes, specify the kind of ancillary service]
|
|
Related costs
|
|
Where applicable
Charges for maintaining one or more accounts which are required for recording both payment transactions and drawdowns
|
|
|
Where applicable
Amount of costs for using a specific means of payment (e.g. a credit card)
|
|
|
Where applicable
Any other costs deriving from the credit agreement
|
|
|
Where applicable
Conditions under which the abovementioned costs related to the credit agreement can be changed
|
|
|
Where applicable
Obligation to pay notarial fees
|
|
3.
Other important legal aspects
|
Where applicable
The creditor is entitled to compensation in the case of early repayment
|
[Determination of the compensation (calculation method) in accordance with the provisions implementing Article 29 of Directive (EU) 2023/2225 of the European Parliament and of the Council (1)]
|
|
Consultation of a database
The creditor must inform you immediately and without charge of the result of consulting a database, if a credit application is rejected on the basis of such a consultation.
|
|
|
Right to a draft credit agreement
You have the right, upon request, to obtain a copy of the draft credit agreement free of charge. This provision applies if the creditor is willing, at the time of your request, to proceed to the conclusion of the credit agreement with you.
|
|
|
Where applicable
The period of time during which the creditor is bound by the pre-contractual information
|
The information contained in this form is valid from […] until […].
|
|
Concerning redress
You have the right to access an out-of-court complaint and redress mechanism
|
[The out-of-court complaint and redress mechanism for the consumer and how to access it]
|
|
Warning regarding the legal and financial consequences of non-compliance
Non-compliance with the commitments linked to the credit agreement other than late or missed payments could have severe consequences for you.
|
|
|
Repayment schedule
|
[Repayment schedule containing all payments and repayments to be made by the consumer over the duration of the credit agreement, including the payments for any ancillary services]
|
(1)
Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers and repealing Directive 2008/48/EC (OJ L, 2023/2225, 30.10.2023, ELI: http://data.europa.eu/eli/dir/2023/2225/oj).
|
Where applicable
4.
Additional information in the case of the distance marketing of financial services
|
(a) Concerning the creditor
|
|
|
Where applicable
Representative of the creditor in your Member State of residence
Address
Telephone number
Email address
Web address (*1)
|
[Identity]
[Geographical address to be used by the consumer]
|
|
Where applicable
Registration
|
[The trade register in which the creditor is entered and their registration number or an equivalent means of identification in that register]
|
|
Where applicable
The supervisory authority
|
|
|
(b) Concerning the credit agreement
|
|
|
Where applicable
Exercise of the right of withdrawal
|
[Practical instructions for exercising the right of withdrawal indicating, inter alia, the period for exercising the right, the address to which notification of exercise of the right of withdrawal should be sent and the consequences of not exercising the right of withdrawal]
|
|
Where applicable
The law taken by the creditor as the basis for the establishment of relations with you before the conclusion of the credit agreement
|
|
|
Where applicable
Clause stipulating the law applicable to the credit agreement and/or the competent court
|
[Relevant clause to be set out here]
|
|
Where applicable
Language regime
|
Information and contractual terms will be supplied in [specific language]. With your consent, we intend to communicate in [specific language/languages] for the duration of the credit agreement.
|
(*1)
This information is optional for the creditor.
|
|
|
ANNEX II
|
ANNEX II
EUROPEAN CONSUMER CREDIT INFORMATION
(
7
)
Consumer credit offered by certain credit organisations (Article 2(6) of Directive (EU) 2023/2225 of the European Parliament and of the Council
(
8
)
)
Debt conversion (Article 2(7) of Directive (EU) 2023/2225)
Key information
Part I
[Always on the first page of the form]:
|
Creditor
Where applicable
Credit intermediary
|
[Identity]
[Identity]
|
|
The total amount of credit
This means the ceiling or the total sums made available under the credit agreement.
|
|
|
The duration of the credit agreement
|
|
|
The borrowing rate or, where applicable, different borrowing rates which apply to the credit agreement
|
[%
|
|
Annual percentage rate of charge (APR)
This is the total cost expressed as an annual percentage of the total amount of credit.
The APR is there to help you compare different offers.
|
|
|
The total amount you will have to pay
This means the amount of borrowed capital plus interest and possible costs related to your credit.
|
[Sum of total amount of credit and total cost of credit to the consumer]
|
|
Where applicable
The credit is granted in the form of a deferred payment for specific goods or specific services or is linked to the supply of specific goods or the provision of specific services
Name of good/service
Cash price
|
|
|
Costs in the case of late payments
|
You will be charged [… (applicable interest rate and arrangements for its adjustment and, where applicable, default charges)] for late payments.
|
Part II
[If the following elements cannot be displayed in a prominent way on one page, they shall be displayed in the first part of the form on the second page]:
|
Instalments and, where appropriate, the order in which instalments will be allocated
|
You will have to pay the following:
[The amount, number and frequency of payments to be made by the consumer]
Interest and/or charges will be payable in the following manner:
|
|
Warning regarding the consequences of missing or late payments
Missing or late payments could have severe consequences for you (e.g. forced sale) and make it more difficult for you to obtain credit in the future.
|
|
|
Right of withdrawal
|
Yes/no
|
|
Early repayment
You have the right to repay the credit early at any time fully or partially.
Where applicable
The creditor is entitled to compensation in the case of early repayment.
|
|
|
Creditor
Geographical address
Telephone number
Email address
Web address (*1)
|
|
|
Where applicable
Credit intermediary
Geographical address
Telephone number
Email address
Web address (*1)
|
|
(*1)
This information is optional.
|
Additional information about the credit agreement
1.
Description of the main features of the credit product
|
The type of credit
|
|
|
Where applicable
Indication that the consumer may be requested to repay the amount of the credit in full at any time
|
|
|
Where applicable
The price was personalised on the basis of automated decision-making.
|
|
2.
Costs of the credit
|
Where applicable
The different borrowing rates that apply to the credit agreement
|
[%
— variable (with the index or reference rate applicable to the initial borrowing rate),
— conditions governing the application of each borrowing rate]
|
|
Representative example illustrating the annual percentage rate of charge (APR) and the total amount payable by the consumer
|
[% A representative example mentioning all the assumptions used for calculating the annual percentage rate of charge to be set out here]
|
|
Where applicable
Costs
Where applicable
The conditions under which those costs may be changed
|
[The costs applicable from the time the credit agreement is concluded]
|
3.
Other important legal aspects
|
Termination of the credit agreement
|
[The conditions and procedure for terminating the credit agreement]
|
|
Where applicable
The creditor is entitled to compensation in the case of early repayment
|
[Determination of the compensation (calculation method) in accordance with the provisions implementing Article 29 of Directive (EU) 2023/2225]
|
|
Consultation of a database
The creditor must inform you immediately and without charge of the result of consulting a database, if a credit application is rejected on the basis of such a consultation.
|
|
|
Where applicable
The period of time during which the creditor is bound by the pre-contractual information
|
The information contained in this form is valid from […] until […].
|
|
Concerning redress
You have the right to access an out-of-court complaint and redress mechanism.
|
[The out-of-court complaint and redress mechanism for the consumer and how to access it]
|
|
Warning regarding the legal and financial consequences of non-compliance
Non-compliance with the commitments linked to the credit agreement other than late or missed payments could have severe consequences for you.
|
|
|
Repayment schedule
|
[Repayment schedule containing all payments and repayments to be made by the consumer over the duration of the contract, including those payments for any ancillary services]
|
Where applicable
4.
Additional information in the case of the distance marketing of financial services
|
(a) Concerning the creditor
|
|
|
Where applicable
Representative of the creditor in your Member State of residence
Address
Telephone number
Email address
Web address (*1)
|
[Identity]
[Geographical address to be used by the consumer]
|
|
Where applicable
Registration
|
[The trade register in which the creditor is entered and their registration number or an equivalent means of identification in that register]
|
|
Where applicable
The supervisory authority
|
|
|
(b) Concerning the credit agreement
|
|
|
Where applicable
Exercise of the right of withdrawal
|
[Practical instructions for exercising the right of withdrawal indicating, inter alia, the withdrawal period, the address to which notification of exercise of the right of withdrawal should be sent and the consequences of not exercising the right of withdrawal]
|
|
Where applicable
The law taken by the creditor as a basis for the establishment of relations with you before the conclusion of the credit agreement
|
|
|
Where applicable
Clause stipulating the law applicable to the credit agreement and/or the competent court
|
[Relevant clause to be set out here]
|
|
Where applicable
Language regime
|
Information and contractual terms will be supplied in [specific language]. With your consent, we intend to communicate in [specific language/languages] for the duration of the credit agreement.
|
(*1)
This information is optional for the creditor.
|
|
|
ANNEX III
|
ANNEX III
I. The basic equation expressing the equivalence of drawdowns on the one hand and repayments and charges on the other.
The basic equation, which establishes the annual percentage rate of charge (APR), equates, on an annual basis, the total present value of drawdowns on the one hand and the total present value of repayments and payments of charges on the other hand, i.e.:
where:
|
– X
|
is the APR,
|
|
– m
|
is the number of the last drawdown,
|
|
– k
|
is the number of a drawdown, thus 1 ≤ k ≤ m,
|
|
– Ck
|
is the amount of drawdown k,
|
|
– tk
|
is the interval, expressed in years and fractions of a year, between the date of the first drawdown and the date of each subsequent drawdown, thus t1 = 0,
|
|
– m’
|
is the number of the last repayment or payment of charges,
|
|
– l
|
is the number of a repayment or payment of charges,
|
|
– Dl
|
is the amount of a repayment or payment of charges,
|
|
– sl
|
is the interval, expressed in years and fractions of a year, between the date of the first drawdown and the date of each repayment or payment of charges.
|
Remarks
(a)
The amounts paid by both parties at different times shall not necessarily be equal and shall not necessarily be paid at equal intervals.
(b)
The starting date shall be that of the first drawdown.
(c)
Intervals between dates used in the calculations shall be expressed in years or in fractions of a year. A year is presumed to have 365 days (or 366 days for leap years), 52 weeks or 12 equal months. A month is presumed to have 30,41666 days (i.e. 365/12) regardless of whether or not it is a leap year.
Where intervals between dates used in the calculations cannot be expressed as a whole number of weeks, months or years, the intervals shall be expressed as a whole number of one of those periods in combination with a number of days. When using days:
(i)
every day shall be counted, including weekends and holidays;
(ii)
equal periods and then days shall be counted backwards to the date of the initial drawdown;
(iii)
the length of the period of days shall be obtained excluding the first day and including the last day and shall be expressed in years by dividing this period by the number of days (365 or 366) of the complete year counted backwards from the last day to the same day of the previous year.
(d)
The result of the calculation shall be expressed with an accuracy of at least one decimal place. If the figure at the following decimal place is greater than or equal to 5, the figure at that particular decimal place shall be increased by one.
(e)
The equation can be rewritten using a single sum and the concept of flows (Ak), which can be positive or negative, in other words either paid or received during periods 1 to n, expressed in years, i.e.:
 ,
where S is the present balance of flows. If the aim is to maintain the equivalence of flows, the value of S will be zero.
II. The additional assumptions for calculating the APR shall be as follows.
(a)
Where a credit agreement gives the consumer freedom of drawdown, the total amount of credit shall be deemed to be drawn down immediately and in full.
(b)
Where a credit agreement gives the consumer freedom of drawdown in general but imposes, amongst the different ways of drawing down, a limitation with regard to the amount of credit and period of time, the amount of credit shall be deemed to be drawn down on the earliest date fixed in the credit agreement and in accordance with those drawdown limits.
(c)
Where a credit agreement provides different ways of drawing down with different charges or borrowing rates, the total amount of credit shall be deemed to be drawn down at the highest charge and borrowing rate applied to the most common drawdown mechanism for that type of credit agreement.
(d)
In the case of an overdraft facility, the total amount of credit shall be deemed to be drawn down in full and for the whole duration of the credit agreement. If the duration of the overdraft facility is not known, the APR shall be calculated on the assumption that the duration of the credit is three months.
(e)
In the case of an open-end credit agreement, other than an overdraft facility, it shall be assumed that:
(i)
the credit is provided for a period of one year starting from the date of the initial drawdown, and that the final payment made by the consumer clears the balance of capital, interest and other charges, if any;
(ii)
the capital is repaid by the consumer in equal monthly payments, starting one month after the date of the initial drawdown. However, in cases where the capital must be repaid only in full in a single payment, within each payment period, successive drawdowns and repayments of the entire capital by the consumer shall be assumed to occur over the period of one year. Interest and other charges shall be applied in accordance with those drawdowns and repayments of capital and as set out in the credit agreement.
For the purposes of this point, an open-end credit agreement is a credit agreement without a fixed duration and includes credits that must be repaid in full within or after a period but, once repaid, become available to be drawn down again.
(f)
In the case of credit agreements other than overdrafts and open-end credit agreements as referred to in the assumptions set out in points (d) and (e):
(i)
where the date or amount of a repayment of capital to be made by the consumer cannot be ascertained, it shall be assumed that the repayment is made at the earliest date provided for in the credit agreement and is for the lowest amount for which the credit agreement provides;
(ii)
where the interval between the date of initial drawdown and the date of the first payment to be made by the consumer cannot be ascertained, it shall be assumed to be the shortest interval.
(g)
Where the date or amount of a payment to be made by the consumer cannot be ascertained on the basis of the credit agreement or the assumptions set out in point (d), (e) or (f), it shall be assumed that the payment is made in accordance with the dates and conditions required by the creditor and, when those dates and conditions are unknown:
(i)
interest charges are paid together with the repayments of capital;
(ii)
a non-interest charge expressed as a single sum is paid at the date of the conclusion of the credit agreement;
(iii)
non-interest charges expressed as several payments are paid at regular intervals, starting with the date of the first repayment of capital, and where the amount of such payments is not known they shall be assumed to be equal amounts;
(iv)
the final payment clears the balance of capital, interest and other charges, if any.
(h)
Where the ceiling applicable to the credit has not yet been agreed, it is assumed to be EUR 1 500 .
(i)
Where different borrowing rates and charges are offered for a limited period or amount, the borrowing rate and the charges shall be deemed to be the highest rate for the whole duration of the credit agreement.
(j)
For credit agreements for consumers for which a fixed borrowing rate is agreed for the initial period, at the end of which a new borrowing rate is determined and subsequently periodically adjusted according to an agreed indicator, the calculation of the APR shall be based on the assumption that, at the end of the fixed borrowing rate period, the borrowing rate is the same as at the time of calculating the APR, based on the value of the agreed indicator at that time.
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ANNEX IV
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ANNEX IV
Correlation table
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Directive 2008/48/EC
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This Directive
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Article 1
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Article 1
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Article 2(1)
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Article 2(1)
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–
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Article 2(2), points (a), (b) and (c)
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Article 2(2), points (a), (b) and (c)
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Article 2(2), point (d)
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Article 2(2), point (g)
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Article 2(2), points (e) and (f)
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–
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Article 2(2), points (g), (h), (i), (j), (k) and (l)
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Article 2(2), points (d), (e), (f), (i), (j) and (k)
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Article 2(2a)
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Article 2(3)
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Article 2(3)
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–
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Article 2(4), (5) and (6)
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Article 2(4), (6) and (7)
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Article 3, points (a), (b) and (c)
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Article 3, points 1, 2 and 3
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–
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Article 3, point 4
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Article 3, points (d) and (e)
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Article 3, points 18 and 19
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Article 3, point (f)
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Article 3, point 12
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Article 3, points (g), (h), (i), (j), (k), (l) and (m)
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Article 3, points 5, 6, 7, 8, 9, 10 and 11
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Article 3, point (n)
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Article 3, point 20
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–
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Article 3, points 13, 14, 15, 16, 17, 18, 21 and 22
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–
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Article 5
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–
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Article 6
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–
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Article 7
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Article 4
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Article 8
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–
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Article 9
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Article 5(1)
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Article 10(1), (3), (5) and (6)
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Article 5(2)
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Article 10(7)
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Article 5(4)
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Article 10(8)
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Article 5(5)
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Article 10(9)
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Article 5(6)
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Article 12(1), points (a), (b) and (c), and Article 12(2)
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Article 6(1) and (3)
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Article 11(1), (2) and (4)
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Article 6(2)
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–
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Article 6(4)
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Article 11(6)
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Article 6(5)
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–
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Article 6(6)
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Article 11(7)
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Article 6(7)
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–
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Article 7
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Article 10(10) and Article 11(8)
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–
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Article 13
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Article 8
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Article 18
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–
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Article 14
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–
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Article 15
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–
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Article 16
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–
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Article 17
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Article 9
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Article 19
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Article 10(1)
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Article 20
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Article 10(2), 10(3) and 10(4)
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Article 21
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Article 10(5)
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–
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Article 11a
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Article 22
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Article 11
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Article 23
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Article 12
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Article 24
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Article 13
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Article 28
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Article 14
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Article 26
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Article 15
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Article 27
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Article 16
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Article 29
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Article 17
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Article 39
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Article 18
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Article 25
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Article 19
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Article 30
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–
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Article 31
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–
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Article 32
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–
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Article 33
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–
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Article 34
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Article 16a
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Article 35
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–
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Article 36
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Article 20
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Article 37
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Article 21
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Article 38
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–
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Article 41
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Article 22
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Articles 42 and 43
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Article 23
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Article 44
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Article 24
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Article 40
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Article 24a
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Article 45
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Article 26
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Article 42(2)
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Article 27(1)
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Article 48
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Article 27(2)
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Article 46
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Article 28
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Article 4
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Article 29
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Article 47
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Article 30
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Article 47
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Article 31
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Article 49
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Article 32
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Article 50
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Annex I
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Annex III
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Annex II
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Annex I
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Annex III
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Annex II
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–
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Annex IV
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,
1.1 Referenzi
1.2 Rekwiżiti identifikati
1.3 Standards relatati
2. Rekwiżiti identifikati
3. Standards relatati
Kwistjonijiet marbuta
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