The European Banking Federation (EBF) noted the adoption of the CCD after some six years of intense discussions as a first signal towards further integration but raised a number of reservations.
The banking industry is a keen supporter of the efficiencies and opportunities that further integration in retail financial markets would bring for both the industry and consumers. It will allow economies of scale and generate further competition to the benefit of consumers.
The EBF however fears that the text generates doubts as to whether this directive will really help build a more integrated and competitive consumer credit market in Europe.
“We acknowledge that the European Parliament has worked hard to improve the directive and that full targeted harmonisation has been respected on some key points but too many national discretions still remain. It is crucial that national implementation is as consistent as possible,” says Guido Ravoet, secretary general, EBF.
The EBF has long called for a thorough impact assessment in order to clearly identify the benefits of any regulatory initiative. Banks feel that the outcome of the assessment would have allowed for better informed discussions in the difficult negotiations that led up to this vote for instance on questions such as the scope of the Directive or the level of information requirements it imposes.