Activites

• 1998/04/01 Final act published in Official Journal
  • Directive 1998/7
  • OJ L 101 01.04.1998, p. 0017
• 1998/02/16 Final act signed
• 1998/02/16 End of procedure in Parliament
• #2063
• 1997/12/18 Council Meeting
• 1997/11/19 Decision by Parliament, 2nd reading
  • T4-0547/1997 summary

    In adopting the recommendation for second reading by Mrs Marlies MOSIEK-URBAHN (PPE, D), the European Parliament has approved the common position of the Council without making any amendments. �

• 1997/10/27 Vote in committee, 2nd reading
  • A4-0329/1997
• 1997/09/18 Committee referral announced in Parliament, 2nd reading
• 1997/07/24 Council position published
  • 07496/1/1997 summary

    The Council's common position was similar to the Commission's amended proposal, except that it took over the substance of the amendments proposed by Parliament. It only excluded the point on the transposition period. The Commission had preferred a period of two years after the entry into force rather than a fixed date, in order to enable the competent authorities and business operators to make the necessary adjustments. The key points of the common position were: - adoption of 'the EC formula'; - introduction of an additional recital recommending that immediate consideration be given to the need for further harmonization of the cost elements of consumer credit; - rejection of the proposal for a symbol (logo) accompanying the Annual Percentage Rate of Charge (APR) for consumer credit; - definition of the intervals between dates used in the calculations in years or fractions of a year, a year being presumed to have 365 days or 365.25 days or (for leap years) 366 days, 52 weeks or 12 equal months of 30.41666 days, i.e. 365 divided by 12; - accuracy of the calculation of the APR to at least one decimal. �

• #2023
• 1997/07/07 Council Meeting
• #1997
• 1997/04/10 Council Meeting
• 1997/03/21 Modified legislative proposal published
  • COM(1997)0127 summary

    The Commission accepted, either in full or in part, six of the eight amendments adopted by Parliament at first reading and amended its original proposal accordingly. The changes are as follows: - abandonment of the idea of a symbol to accompany the use of the term 'annual percentage rate of charge'; - expression of the period between the dates used in making the calculation in calendar or standard years (twelve months of equal length, i.e. 30.41666 days); - transposition of the directive by 1 January 1999 at the latest. The Commission did not accept the amendment concerning the need to adopt a standard definition of the components of the APR alongside the harmonization of the methods of calculation. �

• 1997/02/20 Decision by Parliament, 1st reading/single reading
  • T4-0050/1997 summary

    In adopting the report by Mrs Marlies MOSIEK-URBAHN (EPP, D) Parliament approved the amendment of the 1987 directive on the approximation of provisions on consumer credit. With its amendments Parliament calls for: - calculation of the annual percentage rate of charge to be based on a uniform 365 day year ( and not 365 or 366 as proposed by the Commission); - deletion of the requirement of accuracy to two decimal places in the annual percentage rate of charge; - deletion of the symbol which should accompany the use of the term 'annual percentage rate of charge'; - extension of the deadline for transposition of the directive (1 January 1999 instead of 31 December 1996). �

• 1997/02/19 Debate in Parliament
  • Debate in Parliament summary

    The rapporteur was against the adoption of a European symbol, namely the percentage rate surrounded by 12 stars, as this could mislead consumers. In addition, its display on the screen of computers and typewriters would pose problems. Finally, Mrs Mosiek-Urbahn proposed the date of 1 January 1999, instead of that proposed by the Commission (31 December 1996), in order to allow credit institutions the time needed to adapt to the introduction of the euro. Commissioner Bonino replied that the symbol in question had been introduced at the request of the Member States and that it was not therefore a Commission idea. She could also not accept the amendment proposing that the basis for calculation should be an agreed period of time rather than the actual calendar year which was actually a more precise period according to the calculation proposed by the Commission. However, Mrs Bonino did not reject the amendment on the deadline for transposition of the directive.

• #1969
• 1996/11/25 Council Meeting
  • 1969
• 1996/10/29 Committee report tabled for plenary, 1st reading/single reading
  • A4-0345/1996
• 1996/05/08 Committee referral announced in Parliament, 1st reading/single reading
• 1996/04/12 Legislative proposal published
  • COM(1996)0079 summary

    OBJECTIVE: guarantee the use of a single method for calculating the annual percentage rate of charge (APR) for consumer credit throughout the Community. SUBSTANCE: the Commission proposal, accompanied by a report which will make it possible, in the light of experience, to apply a single Community mathematical formula for calculating the annual percentage rate of charge, includes the following provisions: - acceptance and definitive introduction throughout the Member States of the mathematical formula laid down in Directive 90/88/EEC; - as regards the elements of cost to be included in the calculation of the APR, no change to the list of exceptions in Article 1a(2) of Directive 90/88/EEC. Accordingly, the proposal for a directive makes the following changes to Directive 90/88/EEC: - requirement to use, in addition to the expression 'annual percentage rate of charge', a symbol which will be identical in all the Member States; - deletion of Article 1a(5), which granted those Member States which wished to retain a different method for calculating the APR a derogation until 31 December 1995 (used by Germany and Finland); - deletion of Article 1a(3), which allowed Member States which had national laws in force on 1 March 1990 imposing maximum limits on the APR and which excluded costs other than those referred to in Article 1a(2) to continue to apply those provisions (no Member State made use of the possibility); - insertion in Annex II of a stipulation that accuracy to two decimal places should be required; - insertion in Annex II of a stipulation that a year should have 365 or 366 days; - linguistic changes and in the English and Greek versions. �

Documents

• Legislative proposal published: COM(1996)0079
• Committee report tabled for plenary, 1st reading/single reading: A4-0345/1996
• Debate in Council: 1969
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T4-0050/1997
• Modified legislative proposal published: COM(1997)0127
• Council position published: 07496/1/1997
• Committee recommendation tabled for plenary, 2nd reading: A4-0329/1997
• Decision by Parliament, 2nd reading: T4-0547/1997
• : Directive 1998/7
• : OJ L 101 01.04.1998, p. 0017

History

(these mark the time of scraping, not the official date of the change)