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Implementation of the Mortgage Credit Directive – the scope of changes, issues of concern and their potential impact on the Polish mortgage sector

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition

Author

Listed:
  • Agnieszka Nierodka

Abstract

In February 2014, the European Parliament approved the text of a new Mortgage Credit Directive, ending more than two years of work on the unification of the mortgage market in Europe. EU Member States have had two years to adapt their national legislations to the new requirements – the deadline for implementation of the Directive expires in March 2016. Although the final version of the Directive, whose aim is to harmonize and raise the standards of offering mortgage loans in the EU, was made significantly more relaxed relative to the original assumptions, this does not mean that implementation of the new regulations will be easy for the financial sector. The purpose of this article is to present the main provisions of the Mortgage Credit Directive, its planned implementation into Polish law and the major challenges related to the process.

Suggested Citation

  • Agnieszka Nierodka, 2016. "Implementation of the Mortgage Credit Directive – the scope of changes, issues of concern and their potential impact on the Polish mortgage sector," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, chapter 5, pages v1, 119-1, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:2-5
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    More about this item

    Keywords

    Mortgage Credit Directive; mortgage regulation; consumer protection;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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