I am happy to be debating the Consumer Credit Directive here today.

The Consumer Credit Directive is one example of this.

The Consumer Credit Directive focuses on transparency and consumer rights.

The Consumer Credit Directive is necessary to start to break open the potential of the internal market and boost competition and choice.

Mr President, ladies and gentlemen, the draft directive amending the consumer credit directive is a small but significant step in the direction of more consumer protection.

In addition, the Consumer Credit Directive confirms the consumer's right to switch, and this must be a very stable policy line - not only in this area.

The Commission would like to extend the consumer credit directive to include loans for the purpose of renovating or modernizing a building which are not secured by a mortgage.

Likewise, under the consumer credit directive, the provider of the service is required to inform the consumer of certain rights, certain entitlements, certain get-out clauses as well.

If your business provides credit facilities to customers, you will need to comply with a number of laws - particularly the Consumer Credit Act and the Consumer Credit Directive.

If you offer or provide credit to consumers, you must comply with the Consumer Credit Act and all relevant regulations - including those implementing the Consumer Credit Directive.

We should not overlook the issue of proper implementation of directives that are of key significance for the internal market, especially the Services Directive and the Consumer Credit Directive.

The Consumer Credit Directive Directive (CCD) came into force as law on 1 February 2011 and any credit agreement signed after this date must comply with the regulations.

This is his second attempt to reach a compromise on the Consumer Credit Directive, Parliament having opposed many aspects of the proposed directive and referred it back to committee in November 2003.

Member of the Commission. - Mr President, the vote in this House on Wednesday on the Consumer Credit Directive is a very important moment for Europe's 500 million consumers.

Member of the Commission. - Madam President, I would like to take the opportunity to clarify a point which was raised in yesterday's debate on the proposal for a Consumer Credit Directive.

So, in the Consumer Credit Directive, which I think is being dealt with at present in Parliament, Ms Kuneva will make some improvements as to what type of basic information consumers should be given.

The 2008 European Union Consumer Credit Directive was adopted by the EU on 23 April 2008 and it replaces the previous Consumer Credit Directive.

There are two main aims of the Consumer Credit Directive: to provide standards - comparable information - to consumers to make informed choices, and to give businesses a single set of standards to sell competitive credit offers across borders.

In one of the recent directives - the 2007 Consumer Credit Directive - we asked the banks to establish a common methodology to calculate the interest rate, on the basis of which consumers could compare the offers and find the best solution for them.

Previous speakers have already shown you how the rating agencies have gained twofold significance – on the one hand as a result of notorious scandals, and on the other as a result of the consumer credit directive or the development of Basel II.

The Commission would like to make it clear, by means of this symbol, that the actual rate of interest quoted has been calculated on the basis of the consumer credit directive and is comparable with the equivalent rate of interest in the other Member States.

I can imagine those who currently write to us demanding maximum harmonisation in consumer protection matters saying – yet again – that we are taking harmonisation too far with the Consumer Credit Directive; that is why they should be very careful when calling for such a thing.

I was talking about it in a Conservative meeting in the village of Harpole at the house of a man called Michael Orton-Jones who raised it with me personally, about the consumer credit directive and the money-laundering directives that are passed in this House.

In its report, the Committee on Legal Affairs and Citizens' Rights states that it is against such an extension, and in my view it is right to do so, because to include such loans within the scope of the consumer credit directive would involve a disadvantage to the consumer.