title: Ehdotus Euroopan parlamentin ja neuvoston direktiiviksi kulutusluottoja koskevien jäsenvaltioiden lakien, asetusten ja hallinnollisten määräysten lähentämisestä annetun direktiivin 87/102/ETY (sellaisena kuin se on muutettuna direktiivillä 90/88/ETY) muuttamisesta

eurovoc_concepts:
approximation of laws
consumer credit
consumer protection
cost of borrowing
national implementing measure

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text: EUROPAAN YHTEISÖJEN KOMMISSIO Bryssel, 12. 04. 1996 KOM(96) 79 lopull. %/0055 (COD) Kertomus direktiivin 90/88 täytäntöönpanosta Ehdotus EUROOPAN PARLAMENTIN JA NEUVOSTON DIREKTIIVIKSI kulutusluottoja koskevien jäsenvaltioiden lakien, asetusten ja hallinnollisten määräysten lähentämisestä annetun direktiivin 87/102 (sellaisena kuin se on muutettuna direktiivillä 90/88) muuttamisesta (Kommission esittämä) I. II Johdanto ja yhteenveto The mathematical formula in Directive 90/88/EEC 1. 2. 3. 4. Simple interest rate calculation Yearly Compounded Interest The 1 year compounding period: The EC formula a) b) Present Value Summing up different calculations: the E symbol 1 5 6 7 8 10 11 11 III The calculation of the Annual Percentage Rate of Charge in the EC and the 13 other members of the EEA 1. 2. 3. General Observations a) b) Interest and the Annual Percentage Rate of Charge Verbal Definitions of the Annual Percentage Rate of Charge The Application of the EC formula The calculation of the Annual Percentage Rate of Charge in Germany and France a) b) c) The German method The French method Comparison of the EC formula and the German and French methods 4. Arguments in favour of the EC formula TV. Elements of Cost to be included in the calculation a) b) Elements of Cost Situation in the Member States V. Other issues 1. 2. 3. The Denomination of the Annual Percentage Rate of Charge Accuracy Time definitions VI. Päätelmät ia suositukset Annexes: I II III Articles 1 and la of Directive 87/102 (as amended by Directive 90/88) National legislation transposing Directive 90/88 The different formulae in use (German, French, Finnish) 13 13 14 15 17 17 19 21 23 25 25 25 32 32 35 36 38 40 42 47 /t. I. Johdanto ja yhteenveto Neuvosto antoi 22 päivänä helmikuuta 1990 direktiivin 90/88 kulutusluottoja ja hallinnollisten määräysten koskevien lähentämisestä annetun direktiivin 87/102/ETY muuttamisesta. Tämä direktiivi tuli voimaan 31 päivänä joulukuuta 1992. lakien, asetusten jäsenvaltioiden Muutetun direktiivin 1 a artiklan 5 kohdan b alakohdan mukaisesti komissio: "antaa neuvostolle kertomuksen siihen liittyvine ehdotuksineen, jonka nojalla on saatujen kokemusten mukaisesti mahdollista soveltaa yhtenäistä yhteisön matemaattista todellisen vuosikoron laskentakaavaa". Saman direktiivin 1 a artiklan 5 kohdan c alakohdan mukaisesti neuvosto "päättää määräenemmistöllä komission ehdotuksesta 1 päivään tammikuuta 1996 mennessä". Tausta1 ja hallinnollisten määräysten Ensimmäisessäkulutusluottodirektiivissä,kulutusluottojakoskevienjäsenvaltioiden lakien, asetusten lähentämisestä annetussa direktiivissä 87/102/ETY2, otettiin käyttöön se periaate, että olisi suotavaa laatia yhtenäinen matemaattinen kaava "todellisen vuosikoron" laskemista varten. Vaikka periaate luotiinkin, menetelmä jätettiin avoimeksi. Hallitusten asiantuntijoiden kanssa käytyjen keskustelujen seurauksena komissio esitti ehdotuksen direktiiviksi3, jota muutettiin myöhemmin4 säätelemään matemaattisen näkökohdan lisäksi laskennassa huomioon otettavia tekijöitä. Neuvosto antoi direktiivin 90/88 22 päivänä helmikuuta 1990. Direktiivissä otettiin käyttöön yhteisön menetelmä kulutusluottojen "todellisen vuosikoron" laskemista varten ja määritettiin laskennassa huomioon otettavat luottokustannukset luettelemalla ne kustannukset, joita ei saa ottaa huomioon5. Kaikkien jäsenvaltioiden oli varmistettava vähintään se, että niiden alueella oli käytössä ainoastaan yksi matemaattinen kaava "todellisen vuosikoron" laskemista varten. Siirtymäkautena 1 päivään tammikuuta 1996 asti niiden jäsenvaltioiden, joissa käytettiin toisenlaista matemaattista kaavaa "todellisen vuosikoron" laskemista varten (ennen 1 päivää maaliskuuta 1990), sallittiin edelleen tehdä niin. Lisätietoja direktiivien 87/102 ja 90/88 taustasta saa direktiivin 87/102 täytäntöönpanoa koskevan kertomuksen 2 luvusta: KOM (95) 117, 11. 5. 1995. EYVL N:o L 42, 12. 2. 1987, s. 48 EYVL N:o C 155, 14. 6. 1988, s. 10 EYVL N:o C 155, 23. 6. 1989, s. 4 3 perustelukappale, direktiivi 90/88 Direktiivi 90/88 sisällytettiin mukaan Euroopan talousaluetta (ETA) koskevaan sopimukseen, joten tämä kertomus käsittelee Euroopan unionin 15 jäsenvaltion lisäksi Norjaa, Liechtenstein ja Islantia. kaavaa "todellisen vuosikoron" Direktiivin 90/88 1 a artiklan 5 kohdan b alakohdassa säädettiin komissiolle velvollisuus antaa neuvostolle kertomus siihen liittyvine ehdotuksineen; tämän kertomuksen nojalla on mahdollista ehdottomasti soveltaa yhtenäistä yhteisön matemaattista laskemisessa. Kyseisen finanssimatematiikan alan velvollisuuden mukaisesti komissio palkkasi konsulttiasiantuntijan toteuttamaan tutkimuksen direktiivin 90/88 soveltamisesta Euroopan yhteisön ja muut ETA:n jäsenet jäsenvaltioissa6. Lisäksi järjestettiin kokouksia ja pidettiin yhteyttä hallitusten asiantuntijoiden kanssa huhtikuun 1995 ja tammikuun 1996 välisenä aikana. Edellä mainitun tutkimuksen tulosten ja muiden direktiivin saattamista osaksi kansallista oikeusjärjestystä koskevien tutkimusten7 tulosten sekä erityisesti hallitusten asiantuntijoiden kanssa käydyn yhteydenpidon tulosten perusteella komissio esittää tämän kertomuksen, jota seuraa ehdotus direktiiviksi8. Tämän direktiivin ansiosta "voidaan kokemuksen perusteella matemaattista kaavaa todellisen vuosikoron laskemisessa". soveltaa yhtenäistä yhteisön Direktiivissä edellytetään arviointia ja kertomusta, jonka "—ansiosta voidaan kokemuksen perusteella soveltaa yhtenäistä yhteisön matemaattista kaavaa—"; tämä edellyttää samalla, että on tarkasteltava muitakin seikkoja kuin ainoastaan matemaattista kaavaa, jotta voidaan määrittää kaavan yhdenmukainen soveltaminen. Kertomuksen päätelmät9 Direktiivin saattaminen osaksi kansallista oikeusjärjestystä on saatettu päätöksen useimmissa Euroopan yhteisön ja muut ETA:n jäsenet jäsenvaltioissa. Direktiivin liitteessä II oleva kaava on nykyisin käytössä kaikissa Euroopan yhteisön ja muut ETA:n jäsenet jäsenmaissa, lukuun ottamatta Saksaa, Ranskaa10 ja Suomea. Study of the method of calculation of APR in EEA states, sopimus AO 2600/94/000101. Saatavana PO XXIV: Itä. Katso alaviite 3 asiakirjasta KOM (95) 117, Kertomus kulutusluottoja koskevien jäsenvaltioiden lakien, asetusten ja hallinnollisten määräysten lähentämistä koskevan direktiivin 87/102/ETY täytäntöönpanosta. Vaikka ilmaus 'päättää' esiintyy 1 a artiklan 5 kohdan c alakohdassa, sillä ei viitata 'päätökseen' perustamissopimuksen 189 artiklan tarkoittamassa mielessä, vaan sillä tarkoitetaan pikemminkin direktiiviä, sillä sen tavoitteena olisi saada jäsenvaltiot muuttamaan lakejaan. Tätä selitetään tarkemmin selittävässä muistiossa, joka seuraa direktiiviehdotuksen mukana. VI luku jäljempänä Katso tämän asiakirjan liite II. 9 10 9 10 "Todellisen vuosikoron" (APR) kielelliseen määritelmään tarvitaan joitakin muutoksia englannin- ja kreikankielisten toisintojen 1 a artiklan 1 kohdan a alakohdassa. Jäsenvaltioiden saatettua direktiivin osaksi kansallista oikeusjärjestystä käsitteeseen sisältyvät osatekijät eivät ole täysin samat. Avoimuuden kannalta olisi kuitenkin suotavaa, että ne olisivat samat. Kun kuitenkin pidetään mielessä, että nykyisin kussakin jäsenvaltiossa käytössä olevan käsitteen saamiseksi kuluttajien tietoon on tehty runsaasti työtä, ei näytä tarkoituksenmukaiselta ehdottaa muutoksia eri kielissä käytettyyn sanamuotoon. On kuitenkin suotavaa, että mukaan lisättäisiin yhteinen tunnusmerkki, jonka avulla kuluttajat erityisesti asioidessaan valtioiden rajojen yli voivat tunnistaa käsitteet omassa jäsenvaltiossaan käytetyn käsitteen vastineiksi. Hallitusten asiantuntijoiden kanssa käytyjen keskustelujen tuloksena ja suhteellisuus- ja toissijaisuusperiaatteiden mukaisesti ehdotetaan, että nykyisen käsitteen lisäksi on käytettävä jotakin merkkiä. Tämä merkki on sama kaikissa jäsenvaltioissa. Näin käsitteen kieliasua ei muuteta, ja merkin lisääminen aiheuttaa ainoastaan pienen lisäkustannuksen saatettaessa säädöstä osaksi kansallista oikeusjärjestystä. 11 Matemaattisen kaavan osalta on vahvistettu, että direktiivissä 90/88 esiintyvä kaava on ainoa oikea kaava ja että tämän vuoksi suositellaan sen säilyttämistä ja sen saattamista vallitsevaksi kaikkialla Euroopan yhteisön ja muut ETA:n jäsenet jäsenvaltioissa. 12 Todellisen vuosikoron laskemisessa huomioon otettavien luottokustannusten osalta direktiivin saattaminen osaksi kansallista oikeusjärjestystä on johtanut tilanteeseen, jossa kaikkia kuluttajia kaikkialla Euroopan yhteisön ja muut ETA:n jäsenet jäsenvaltioiden alueella koskee yhdenmukaistettu vähimmäissuoja. Koska jäsenvaltiot ovat ilmoittaneet ainoastaan muutamista ongelmista tässä suhteessa ja koska mahdolliset eroavaisuudet ovat luonteeltaan vähäisiä, tällä kertaa ei ehdoteta muutoksia 1 a artiklan 2 kohdan poikkeuksia koskevaan luetteloon. 13 Tämän vuoksi samanaikaisesti tämän kertomuksen kanssa ehdotetaan luonnosta direktiiviksi, joka merkitsee direktiivin 90/88 muuttamista seuraavasti: (merkkiä), tunnuskuviota käsitteen 'todellinen vuosikorko' lisäksi ehdotetaan käytettävän yhteistä joka on sama kaikissa jäsenvaltioissa poistetaan 1 a artiklan 5 kohta siirtymäkauden sekä tätä kertomusta ja asiaan liittyviä lainsäädäntöehdotuksia koskevien viittausten jättämiseksi pois poistetaan 1 a artiklan 3 kohta, koska yksikään jäsenvaltio ei ole käyttänyt tätä toimenpidettä hyväkseen1 ' lisätään direktiivin liitteeseen II vaatimus kahden desimaalin tarkkuuden käytöstä - ja tähän liittyvät muutokset liitteeseen III n Yksikään jäsenvaltio ei vastustanut tätä ehdotusta huhtikuussa 1995 pidetyssä kokouksessa (6 kohta edellä) tai sen jälkeen. lisätään direktiivin liitteeseen II vaatimus 365 tai 366 päivän pituisen vuoden käytöstä - ja tähän liittyvät muutokset liitteeseen III tehdään kreikankielisten toisintojen 1 a artiklan 1 kohdan a alakohtaan. kielelliset muutokset englannin- direktiivin ja 14 -Direktiivin 90/88/ETY muiden olennaisten osien osalta niitä koskevia mahdollisia muutosehdotuksia käsitellään yhdessä niiden ehdotusten kanssa, jotka syntyvät mahdollisesti direktiivin 87/102 täytäntöönpanoa koskevasta kertomuksesta käydyn neuvottelun tuloksena12. Alaviite 1 edellä. II The mathematical formula in Directive 90/88/EEC 15. Directive 90/88 introduced a common method for the calculation of the "annual percentage rate of charge" into the requirement of price disclosure in consumer credit already contained in Directive 87/102/EEC. The intention was that the annual percentage rate of charge should add a commonly defined and acknowledged element of price disclosure to consumer credit, making its price comparable throughout the EC as well as between different forms of consumer credit. 16. The Directive defined the mathematical procedure for calculating the annual percentage rate of charge as well as the elements of cost to be included in the calculation13. In addition, several assumptions were made for certain forms of consumer credit e. g. open-ended credit that does not provide all the information necessary to calculate the annual percentage rate of charge at the time of conclusion of the contract. The verbal definition of the "annual percentage rate of charge" is as 17. follows: and "the total cost of the credit to the consumer, expressed as an annual percentage of the amount of the credit granted and calculated in accordance with Article 1a'AA "which shall be that equivalent, on an annual basis, to the present value of all commitments (loans, repayments and charges), future or existing, the creditor and the borrower, shall be calculated in agreed by accordance with the mathematical formula set out in Annex ll'*s 18. This verbal definition is expressed in a mathematical definition found at Annex II of the Directive. The Annex clarifies, in mathematical terms, those obligations which shall be made equal in their present values through the annual percentage rate of charge. 19. All the mathematical formulae currently in use in the European Community and the other members of the EEA for the calculation of the annual percentage rate of charge are basically derived from the same principles of interest calculation16. National deviations which lead to different forms of and results from the formulae applied do not derive from mathematical origins 13 Chapter IV infra 14 Article 1. 2(e) of Directive 87/102 (as amended by Directive 90/88) 15 Article 1a(1)(a) of Directive 87/102 (as modified by Directive 90/88) 16 Annex III of this Report but rather from differences in the assumptions applied to the calculations in certain Member States. Were these assumptions identical, so too would be the results. 20. At this point an explanation is necessary, in simple mathematical terms, of the operation of the mathematical rules, both in order to understand the rules themselves and, more importantly, the other forms of calculation (the German, French and Finnish17 methods) which lead to different results as a result of differences in basic assumptions. 1. Simple interest rate calculation 21. The price of a credit is defined by the combination of three factors: the capital borrowed the charges or costs applied the time in which a capital can be used by the borrower (AK) (CK) (tK) 22. The interest rate (i) is therefore expressed by the equation: Charges (CK) i = Capital (AK) * Time (tK) 23. Using the convention that interest rates are expressed in relation to 100 currency units (%) and for a time period of one year (p. a. ), the equation reads as follows: i %p. a. = Charges (CK) * 100 * 1 year Capital (AK)* Time (tKinyears) If time is calculated in months, then "1 year" in the upper part of the 24. formula must be replaced by "12 months". Therefore 130. 66 ECU for a loan of 1,000 ECU for one year amounts to an interest rate of 130,66*100/1,000*1 = 13. 066% p. a. 17 Finland has availed of Article 1a5a to retain a formula different to that in the Directive. Once a single formula is confirmed for use throughout the EC, it is prepared - according to declarations from Government representatives - to adopt this formula - the derogation is not for reasons of principle but to avoid having to enact two possibly different laws in a short space of time. Finnish legislation does require the disclosure of APR. 2. Yearly Compounded Interest 25. In the simple formula (cost divided by capital and time) no compounding is foreseen. While banks always receive their interest by the end of the credit contract period, a bank which receives interest payments before the end of this period can reinvest this money and thus earn additional interest. In this way, the real charges in the example given would be not only the 200 ECU after 18 months but also the additional 13. 333% on 130. 66 ECU (reduced by the amount that early payment would cost the borrower). 26. Thus the simple interest rate does not match the real cost but produces a higher amount of charges than the consumer has consented to. In other words, the annual percentage rate of charge of different consumer credit contracts are not comparable if the period during which interest is compounded is not also equal. 27. Taking the first example from Annex III of the Directive, where the lifetime of such a loan is not exactly 1 year but rather 18 months, with charges of 200 ECU, the traditional simple formula would produce the following result: 200* 100* 12 = 13. 333 % p. a. 1. 000* 18 28. The example given in the Annex, however, states that the result should be 13. 066 % p. a. The reason for this difference lies in the fact that credit contracts for different time periods are incomparable without a uniform decision about what to do with the interest earned after a certain time period. To use financial mathematics interest should be "compounded". the question is at which terms, time 29. The definition of an interest rate with reference to 1 year therefore means not only that all interest rates are expressed as "p. a. " (which means that the lifetime interest rate of a credit is divided by the number of months and multiplied by 12) but that the compounding period for the credit should be uniformly 1 year. The formula given in Directive 90/88 and in use in the majority of Member States (henceforth referred to as the EC formula) fulfils this condition. The French method of calculation does not recognize this condition at all, thus giving rise to arbitrary compounding periods which in practice amount to 1 month. The German "Rule of 360" accepts a compounding period of 1 year, in principle, but deviates from it in every case where interest has to be calculated for less than a year, especially if the lifetime of the credit does not amount to exactly 1 or more full years. The reason is that calculating interest rates with a compounding period of 1 year is not possible with the simple formula given above. 30. Criticisms have been voiced about the complexity of the EC formula and the need for technical expertise. In this context, it should be noted that the simple formula can only be used for a period during which the capital borrowed In the case of credit with monthly repayments, the accurate remains constant. require an calculation of approximation of many different calculations which, although simple in themselves, would need to be reiterated so many times that technical assistance would also be required. the annual percentage rate of charge would 31. As will be shown below, the EC formula which is at present successfully used in the large majority of Member States, is merely the more developed form of earlier formulae (in order to take more variables into account) and is more convenient and accurate to use than the other methods presently in use. 3. The 1 year compounding period: 32. As the compounding of interest is an integral part of the calculation of interest, one must already "know" the interest rate in order to use the simple formula (to calculate that interest rate) since the first year's interest must be added to the capital which will bear interest in the subsequent period (e. g. in our example, in the remaining six months in a credit of 18 months duration). The interest rate can no longer be directly calculated but is calculated as a growth rate (i) of the original capital. 33. An interest rate of 13. 066% thus increases by (1 + i ) of the original capital (1 +0. 13066) = 1. 13066 1,000 ECU amounts to 1,000 * (1 + 0. 13066) = 1,130. 66 ECU after one year. 34. This is also referred to as the "future value" of a capital as it describes the growth rate after a certain time period has passed. The amount can also be considered in terms of "growth" rather than "interest", as the growth can easily be calculated. Interest is the difference between the original capital and its future value after this growth. 35. In the case of a credit which is repaid in total after two years, the same result is achieved with the EC formula or the French or German formulae. The German and the French methods apply the simple formula in two steps: Year 1 Year 2 Capital, Capital2 = = Capital + (Capital * i) Capital + (Capital * i) + [Capital + (Capital * i)] * i Using the above example, another 0. 13066 * 1,130. 66 ECU = 147. 73 ECU for the interest of the second year should be added to the 1,130. 66 ECU, producing a result of 1,278. 39 ECU. The EC formula, on the other hand, merely simplifies the equations in a 36. still familiar way using simple algebra: Capital, Capital2 = (1 + i) * Capital = (1 + i) * (1 + i) * Capital = (1 + i)2 * Capital This simple form is directly calculable with calculators or computers using the In our example, (1 + 0. 13066)2 * 1. 000 exponential form of the same formula. ECU = 1,278. 39 ECU. In the same way, after three years, the formula would be (1 + i)3 * capital and after t years, capital, = capital * (1 + i)'. Thus the same result is achieved by the different formulae, though in a 37. simpler way using the EC formula. However, this simplicity is not the main advantage - the formula can also be applied to fractions of a year because "t" expressed in years should properly be expressed as "t/1" which means that t supposes a compounding period of 1 year. If we express "t" in terms of months then "t" would be written as "tmonth/12". 38. A capital of 1. 000 ECU for 6 months lent out at a rate of 12% p. a. would grow to capital6 = 1,000 * (1 + 0,12)6/12 = 1,000 * 1,121/2 = 1,058. 30052 ECU In the same way, instead of 6/12, this could be expressed as 182/365 days capital182 = 1,000 * (1 + o,12)182/365 = 1,000 * 1,12182/365 = 1. 058. 1362418 39. An interest rate of 12% p. a. earns 58 ECU interest in a six month period if interest is compounded annually. While 58 ECU is less than half the interest the bank would have earned after 1 year, because this interest is being paid out earlier than foreseen in the compounding period, the bank can invest these 58 ECU for 12% for the remaining six months, with a future value of 2 ECU, thus if matching the 60 ECU for six months that would have been reached compounding occured at the end of the compounding period (1 year). This result cannot be achieved with the older methods of calculation still in use in France and Germany. Using the German method, an interest rate of 12% p. a. on a capital of 40. 1. 000 ECU would yield exactly 60 ECU for six months. If fractions of a year are involved, the simple form either fails to produce a result or does so by deviating from the underlying compounding period of 1 year e. g. by reducing it to 6 months, in this case. Instead of p. a. , it would be more accurate to describe it as 6% per half year. 18 The result is slightly different because a 365 day year does not divide evenly 9 In fact, the French method states that a rate of 6% for a half year may be 41. multiplied by 2 to reach the annual percentage rate of charge. The compounding period in France is therefore regarded as unimportant and can be arbitrarily convened through the repayment periods (which in the case of consumer credit are normally monthly). The French method therefore usually uses a monthly compounding period. In Germany, on the other hand, the annual compounding period is 42. prescribed as a rule. However, in order to avoid exponential calculation, it deviates from this rule for the last year of the life of a credit if this year does not amount to exactly 12 months. Consumer credit contracts with a lifespan of less than a year are therefore equally misrepresented in the German and the French calculations of the annual percentage rate of charge. The results differ from each other significantly if the life-span is more than a year19. 43. Given the express intention in Directive 90/88/EEC that a single formula for the calculation of the annual percentage rate of charge should be used in order to facilitate the comparison between credit offers from different countries, the conditions of calculation must be uniform. One of the most basic conditions is that each annual percentage rate of charge should be calculated on the basis of the same compounding period of 1 year. 44. Only the mathematical formula in Directive 90/88, in use in the majority of Member States, this condition and produces comparable annual percentage rates of charge. follows 4. The EC formula 45. The simplest form20 of this mathematical formula is AK. = AK* ( 1 + i )' where AK AK i t is the initial loan augmented with all charges and interest at the end of the credit's lifespan is the initial loan is the interest rate expressed p. a. (but not in percent) is the lifespan of this loan It might have been closer to traditional legal understanding if the Directive 46. had put emphasis on the total cost (C) of a credit instead of its 'present value', 19 Table at paragraph 86 infra 20 This form does not, in practice, fully take into account all elements of a transaction 10 although the mathematical meaning would have been the same. The formula using total cost C would then have been: Extended Capital + Total Cost = Extended Capital multiplied by the growth rate in the time period AK + C = AK*(1+i)1 The annual percentage rate of charge is the factor which represents the 47. growth of an initial capital, taking into account all charges for a given time period with annual interest compounding expressed as a percent per annum. The calculation is based on real time, with daily precision where loans, repayments and charges are debited or credited to the debtor. For the sake of accuracy, therefore, the results should be expressed to an accuracy of 2 decimal places and the year shall be expressed as having 365 days21. a) Present Value 48. The present value of all repayments and charges in consumer credit is normally the initial loan. This means that if all charges expressed by the growth- rate are subtracted, the principal (the original capital) will remain. For most normal calculations, as expressed in the examples of Annex III of Directive 90/88, the above formula would be sufficient. But where there are deviations in practice e. g. with a loan being paid out later than the date of the contract (or more precisely the date on which interest is calculated), the amount of the loan would already include interest. The amount of the loan would therefore have to The EC formula therefore be used in the calculation with its present value. takes into account the present value of a loan in the following form: AK (l+i)c A K ( l + i )c- If the loan is paid out at the beginning of the calculation, t is 0 b) Summing up different calculations: the E symbol 49. Most consumer credit contracts do not take the simple form of a once off repayment at the end of their lifespans but are paid back in instalments. 50. As the above mentioned formula (and the simple formulae in use in France and Germany) presupposes a constant interest bearing capital for "t", 21 Table at Paragraph 125 infra 11 each credit must be divided into as many credit transactions as changes occur in the interest bearing capital. 51. Therefore the annual percentage rate of charge is only correct if it is used equally in all individual calculations and if the sum of all present values ( E ) is equal to the sum of the present values of the loans or if the growth of the loan expressed as one single growth rate is equal to all the charges and costs incurred, whether in the present or in the future. This is the formula used in the Directive, employing the E symbol to 52. indicate that a sum is to be made out of multiple calculations. It is also the formula used in all Member States of the European Community and other members of the EEA with the exception of Germany, France and Finland. 12 Ill 1. a) The calculation of the annual percentage rate of charge in the EC and other members of the EEA General Observations Interest and the annual percentage rate of charge 53. Creditors calculate the price of credit in numerous ways and under many different names22. Although there are some general guidelines concerning the way in which charges for consumer credit are calculated, the definitions are far from uniform. Usually, creditors distinguish between "once-off costs" (one time only costs) such as fees and charges, and "interest" (variable or time costs that comprise all those charges which increase over the duration of the credit). Some banks put more emphasis on the (nominal) interest rate, others on fees. The method of distinguishing between fees and interest, and the methods of interest calculation differ not only between countries but also from one creditor to another. Sometimes this is due to the internal cost benefit calculation of a bank, or the institutions (brokerage fees, insurance premiums), or to facilitate the individual calculation of the cost of the credit by third parties (intermediaries or brokers). the creditor must share the profits with other that fact National law usually assumes that creditors are free to choose any 54. appropriate and non-arbitrary method to define the cost of a particular credit. The only requirements are transparency and completeness in the list of charges. In some countries, there is an exception to the arbitrariness of the definition of the nominal interest rate, in connection with the requirements of Article 8 of This article requires national rules for the Directive 87/102 (early repayment). calculation of an equitable reduction in the cost of the credit. Some countries fix percentages of the total cost to be refunded23 while others state that the rebate should concern only "time costs" which are expressed by the nominal interest The situation varies from State to State25, as does the definition of rate24. 22 23 24 25 A 1984 survey revealed that the term "interest" was used in 13 different ways in Germany alone. It should be noted that this arbitrary use of terms only concerns internal calculations, not the legally prescribed disclosure of the APR. In France, this is three times the contracted amount for the next payment, and then reverts. Décret 90-979 of 31. 10. 90 (Article L311-29) The notion of "interest" in the rules on price disclosure must be distinguished from "interest" as used in restrictive rules on the refund of time-connected charges (e. g. anatocism or "interest on interest"), where courts do not interfere directly with the definition of nominal interest in the contract but rather recalculate the part of the cost for rebate by using their own definition of interest. In Germany the Supreme Court has held that a "disagio" was to be considered not as a once-off fee but as hidden interest and therefore to be partially refunded in the event of early repayment. Bundesgerichtshof, 16. 11. 93, XI ZR 30/93 13 "equitable". The rule usually used for such calculations is the "Rule of 78"26 which it is generally agreed is inaccurate, but acceptable in small credit transactions. The Directive did not interfere with the methods of calculation of early 55. repayment already in use or with the definitions of interest used internally in contracts. As far as interest was concerned, the Directive aimed to harmonise the notion of interest as it is used in the "interest rate" for price disclosure, i. e. to state a uniform requirement to disclose the result of this cost calculation in a Community-wide comparable credit price - the annual percentage rate of charge. In this respect all Member States are in agreement - no State leaves it to 56. the discretion of the contractors to define the method of calculation of the annual percentage rate of charge or the elements to be included although, as we have seen, France and Germany have left some arbitrary elements insofar as creditors may influence the annual percentage rate of charge by choosing special life spans for their credit contracts. 57. The form of the regulation varies. Most countries do not simply transcribe the verbal form of the calculation into their law but leave its mathematical definition to administrative bodies. b) Verbal Definitions of the annual percentage rate of charge 58. Directive 90/88 defines the annual percentage rate of charge directly by the method of its calculation, while Directive 87/10227 presupposed a definition. National legislation distinguishes between the definition of the annual percentage rate of charge and the method of its calculation, using the traditional relationship between time, cost and capital expressed on an annual basis in percent as the most important element of definition followed by the method of its calculation28. 26 27 28 Accurately defined in Section 2. 510 of the US Consumer Credit Code Regulation Z §226. 8(b)(7), the "Rule of 78" takes its name from the sum of the digits 1 through 12. In the first month, the creditor earns 12/78ths of the agreed interest. After 2 months, the creditor has earned 23/78ths i. e. the first 12/78th plus 11/78ths. The formula wherein the time periods are expressed as months defines those parts of the total interest earned which must be refunded as follows: f rest of lifetime in months + 1 )*rest of lifetime! * total interest (lifetime in months + 1 )*lifetime in months For commentary, see German Bundesgerichtshof Neue Juristische Wochenschrift 1979 p. 542. Article 1. 2e of Directive 87/102, amended by Directive 90/88 Annex II of this Report contains a list of and brief analysis of national transposing legislation 14 ° Denmark29 requires the statement of the "annual costs in percent" ° Germany30 defines the "initial effective interest rate" as "the total amount of charges expressed as an annual percent rate of the net capital or cash price" ° Spain31 defines the "annual equivalent rate" as the total cost of credit expressed as an annual percentage of the capital lent" ° France defines the rate as the "global effective rate" ° Ireland32 defines the rate as the total cost of credit expressed in an annual percentage of the amount of credit given. " ° The Italian33 and Portuguese34 laws use a similar definition ° The Netherlands35 defines an "effective credit remuneration percentage on a year-basis as the reward for the credit according to the agreement, expressed as a percentage for a year of the open balance" ° Sweden36 defines the "effective interest" as "the credit cost to the consumer, expressed as an annual rate in percent of the amount of the credit granted, where the instalment payments made during the life span of the loan have been appropriately taken into account. " Similar definitions can be found in the other Member States. The UK37 59. is the only State to refer to the compounding period: "The annual percentage rate of charge is a rate per annum compounding annually expressed as a percentage such that a) the sum of present values as at the relevant date of all repayments of credit and the total charge for credit; and b) the sum of present values as at the relevant date of all credit under the agreement would, when calculated at that rate be equal. " Austria combines both definitions in one article38 and defines the annual percentage rate of charge as the "decursive percentage rate for a full year which establishes numerical equality between the sum of the credit paid out and the sum of all payments. " and provides the explanation that "It expresses the total cost of credit in relation to the credit granted. " 29 Art. 9. 1. 4, 1990/398 Lov om kreditaftaler of 13. 6. 90 30 Art. 4 alinéa 2 of the Verbraucherkreditgesetz of 17. 12. 90 31 Art. 18 b of the Ley de crédito al consumo of 23. 03. 95 32 Consumer Credit Act 1995, s. 9 33 Art. 19 Legge Communitaria 142 of 19. 2. 92 34 Art 2, al (a) Decreto-Lei of 21. 09. 91 35 Art 1. 2 k Wet op het consumentenkrediet of 04. 07. 90 36 Art 2 Konsumentkreditlag 830 of 1992 37 Statutory Instrument on Consumer Credit Regulation 1980/51 Art. 9 al. 1 38 Title VIII, Art. 33 al. 4 of Bankwesengesetz 1993/532 15 2. The Application of the EC formula 60. With the exception of Germany, France and Finland, all the Member States of the European Community and the other members of the EEA have incorporated the EC formula into their national legislation. The majority of them (except the United Kingdom), did so in reaction to the Directive. In some cases, the wording of Article 1a was used and the mathematical 61. equation, in Annex II was copied, though sometimes the symbols were replaced by others (because it was felt that different symbols for repayments and loans would make the formula easier to read). Some countries have literally incorporated the mathematical formula of the Directive. This is the case for Denmark, Greece, Italy, Luxembourg, Portugal, Sweden and Iceland. The remaining Member States either used other symbols, elaborated 62. different examples or gave more verbal explanations in the construction of the formula but kept to the basic equation, using the "internal rate of return" or exponential growth: In Belgium39, the "balanced cash value equation" given in the Directive is restated using different symbols. An iteration procedure that can be used to solve the balanced cash value equation is described and this procedure is applied step by step to several examples In Spain40, the formula is developed in two steps and examples different to those in the Directive are given in the Annex In Ireland41, the conditions and applications of the formula are explained in words and, particularly, growth and cash value as well as the iteration procedure are explained. The Netherlands has developed "Rules on Effective Credit Yield"42 which elaborate on the mathematical procedures in some detail. The "effective credit remuneration percentage on a year-basis" is developed on the open balance of a credit. The calculation of an open-ended credit is also explained Similarly, Austria43 uses the EC formula with different symbols and also developed the "fictitious annual interest rate" for open end credit The UK has a vast body of rules regulating the general requirements of the Consumer Credit Act. The mathematical formula in the Directive 90/88 In addition, accuracy is also covered 39 40 41 42 43 Arrêté Royal 2311 of 04. 08. 92 (amended on 29. 04. 93 by 1381/1993) Article 18a Ley de crédito al consumo, 23. 03. 95 Consumer Credit Act 1995 Regeling effectief kredietvergoedingspercentage of 06. 11. 91 Title VIII Art. 33 al. 4 of the Bankwesengesetz 16 is restated44 and three examples are developed, demonstrating different degrees of sophistication in the mathematical procedure. In Norway45, "effective interest" is calculated with the same formula as in the Directive 3. The calculation of the annual percentage rate of charge in Germany and France in Germany and France, and the EC formula 63. As mentioned above, the difference between the mathematical formulae in in the use unwillingness of those countries to use exponential calculation. Mathematically, this results in a situation whereby neither country can apply a 1 year compounding period for all circumstances. lies basically a) The German Method 64. The German method calculates interest for 12 months and compounds it at the end of this time before restarting interest calculations for the next 12 months. If the last year does not have 12 months, interest is compounded earlier. Legally, this result is achieved through a complicated reference scheme. Article 4 of the Consumer Credit Act refers to Article 4 of the Price Disclosure Regulation which, for the purpose of interest calculation, refers to Art. 608 of the Civil Code. 65. However, Art. 608 makes no reference to "interest calculation" but deals only with the question of the time at which debtors must pay interest in the event that nothing has been agreed (in which case it establishes a rule that interest must be paid annually or, if a credit is repaid in less than 1 year, at the time of repayment). Art. 4 of the Price Disclosure Regulation applies this rule to interest calculation by citing this article as well as by using the description "cascade method" (Staffelmethode). 66. As we have seen above, the question of the time at which interest is paid and the time at which it is compounded are not linked to each other if the exponential form of the calculation is used. 44 Statutory Instrument 15 of 1980 The Consumer Credit (Total Charge for Credit) Regulations 1980 of 29. 01. 80, Art. 6 to 11 45 Forskrift til kredittkjopsloven of 15. 07. 86, N° 1616 17 In practice, the real source of the German method is a paper by the Bund- 67. Länder-Kommission "Preisauszeichnung"46. Here the method is explained and a formula is given that uses exponential forms, though these are by definition more complicated formula because simple calculations becomes extremely complicated if expressed in correct mathematical terms. This method is known as the "360 day method" due to its additional assumption that a year has 360 days. the EC than The German formula poses a problem not only for comparisons with 68. products in other Member States but also within Germany. In particular, credit for periods of less than a year deviates significantly if the annual percentage rate of charge is stated in the German form. 69. If a consumer has the choice between: 4 consecutive credit contracts, each of 3 months duration, with an annual percentage rate of charge of 12% p. a. each, or one credit contract of 1 year duration with an annual percentage rate of charge of 12. 5 % calculated according to the German "360 day method", producing 1,000 ECU net capital without additional costs, the consumer would have to pay 125 ECU in interest in the second case at the end of the year and 30 ECU every quarter in the first case. But if they had paid the interest in the first case at the end of the year (as in the second case), this would cost them an extra interest charge of: [(12% on 30 ECU for 9 month) + (12% on 30 ECU for 6 month) + (12% on 30 ECU for 3 month)] = 0. 12 * 30 * (9 + 6 + 3)/12 = 5. 40 ECU. 70. Although the German price disclosure regulation was correctly applied, the consumer would have made the wrong choice if they had chosen the "cheaper" credit. 12% p. a. in fact involves a surcharge of 5. 40 ECU or an "effective interest rate" of 12. 54%. Thus in Germany, a consumer contracting for 42 months and another 71. contracting for 48 months cannot properly compare their annual percentage rate of charge because the 48 months involves compounding periods of 1 year while the other uses 1 year for the first three years and 6 months for the rest of the life of the credit. The German method is not "correct" in a mathematical sense the rule of a 1 year compounding period is obviously not observed in because 46 An administrative body which lays down the surveillance principles for disclosure in price regulations. The reference for the formula is: Bund-Lander AuftchufJes "Preisangaben" Bemeinsamen Amtsblatt des Landes Baden-Wùrttemberg, seite 27, 05/02/93 18 all cases, and calculations that are based on different general assumptions and conditions are not equal47. The German system requires two different formulae for interest calculation: 72. In cases the "Rule of 78" for rebates and the rule of 360 for price disclosure. where it is necessary to calculate the present value, it also uses the EC method. The EC method would enable the calculation of rebates with the same formula48. The main differences between the German and the EC methods are 73. related to the time period. The most significant differences occur in short term credit covered by the annual percentage rate of charge disclosure requirements of the Directive. As the Directive partially excludes current account credit as well as credit which must be repaid in less than 3 months or with no more than four instalments and a life span of 12 months, the most striking cases are legally outside the scope of the Directive. However, the Directive does require the indication of an "annual rate of interest49" for such credit as well. 74. Although this rate is not covered by the requirements of the mathematical formula in Directive 90/88, many countries approach both annual interest rates in the same manner. The problem concerning short term credit of less than one year is therefore increasing. For instance, credit card credit in particular is the first form of crossborder consumer credit. But credit card credit, although expressly subject to the annual percentage rate of charge requirements, tends to be short term credit and may thus escape these prescriptions. The differences between 75. consumer credit for a period of more than one year are less significant. the German and EC methods as regards b) The French Method 76. The French method of calculation of the annual percentage rate of charge does not recognize the importance of a generally fixed compounding period. The 47 48 49 There have been some developments in recent years. The German Bundesgerichtshof has stated, in its decision of March 12, 1991 (XI ZR 190/90), that in case of early repayment of a mortgage loan a bank can only ask the «present value" of future interest as recompensation of lost profit. This present value is calculated according to the same rule as implied in the EC-formula and generally accepted by German banks. In addition, for the rebate in consumer credit because the old some banks now use the EC-formula "Rule of 78" is inapplicable in cases where instalments are not equal. At present, the use of the "Rule of 78" is necessary because the Rule of 360 cannot be applied to calculate a rebate rationally - no bank applies this rule. Article 6 of Directive 87/102 19 relevant Order50 permits the use of different periods and period rates e. g. of 1 month, 3 months, half a year etc, with interest compounded within each period. The only precision is that if irregular payments are made, only one period should be used for interest compounding. The period rate for one month is then transformed into an annual interest rate simply by multiplying it by 12. this leads, especially thus appear artificially more 77. This conversion is misleading because an annual rate is disclosed which is in fact not based on annual compounding periods but on invisible, mostly monthly, compounding periods. As shown below51, in consumer credit with monthly instalments, to very significant differences. French consumer credit contracts the consumer than in all the other Member States of the European Community and the other members of the EEA. While the German deviation is mathematically inconsistent and creates artificial difficulties in calculation but has modest effects on ordinary instalment credit (though these may be greater if once-off fees are important), the French method deviates so significantly that the French interest rates are misleading not only to other Europeans but also to French consumers who do not get a correct idea of the differences between credit prices e. g. between credits with monthly or quarterly instalments. favourable to 78. The reasoning behind the French method seems to be that in their view, the function of the annual percentage rate of charge should indicate the burden on the consumer, (although it seems to be accepted that the current EC formula is normally used among businessmen)52. is erroneous, a misunderstanding of the function of the annual percentage rate of charge. The annual percentage rate of charge does not indicate "the burden on the consumer" - consumers can evaluate the burden on their budget only if it is expressed in currency units because all their monthly income and expenditure is expressed in such currency units. In order to answer the consumer's question as to whether they should take a particular credit, the obligations set out in the Directive regarding the disclosure of instalments and the total cost, as well as the total amount of the debt, are crucial. Only commercial clients may use the annual percentage rate of charge as an indicator for the burden because they is reasoning However, this 50 51 52 Art. 1 of Décret relatif au calcul du taux effectif global, N° 1985/944 of 04. 09. 85 para 85 below. See also §381-1 of Gavalda and Stoufflet: Droit Bancaire (2nd ed) and §28 of Biardeaud: Guide Pratique pour le contrôle des crédits immobiliers. An example of this is the comment made by the Economic and Social Committee on the EC formula when initially proposed: OJ n' 337 of 31. 12. 88 p. 1-4 §3. 3. 1: "This formula allows for the continuous reinvestment of income as is normal among businessmen, in this case the crediting of yield from the reinvestment of repayments made by the borrower. In practice, this is how the lender, but not the consumer, assesses the value of the loan. For the consumer, the reinvestment of income in terms obtainable by the lender is deceptive. it is important to know the burden of the borrower. " 20 can compare it to their own profit rate or the interest rate which they earn with other capital. The annual percentage rate of charge thus answers the consumer's 79. It is a means of comparison. In question as to which credit they should take. this in Directive 90/88, which presupposes annual formula compounding also in the case of monthly payments, is the only way of comparing equally calculated products. respect, the 80. It should also be noted that financial developments mean that, for the consumer, the date of payment is also worth money because some credit card accounts even allow overpayment and pay interest on a positive balance. 81. The older argument, that the annual percentage rate of charge in France is identical with the usury rate and that this rate can not be changed because it would make credit usurious which had not been usurious before, no longer applies due to a change in the French method of regulating usury. c) Comparison of the EC formula and the German and French methods 82. In the following table, a fixed instalment loan of 1,000 ECU with 120 ECU interest for one year is calculated. In this table, the top rows show clearly that in all three cases the basic items needed to calculate an annual percentage rate of charge (cost, time and principal) are the same. In the German method, interest is calculated every month but only 83. compounded to the principal at the end of the year. Three different calculations are necessary: Each month 1. Capital,, = Capital,^ - Instalment; 2. Interest = Capitaïn * i/12 At the end of the Year 3. Capital12 = Capital12 + £ [lnterestn ] In the French method, interest is calculated as in the German method, 84. but compounded monthly. Only one calculation is necessary each month: Each month Capitaln = Capitaln1 - Instalment + Capital,,. , * i/12) The EC formula only requires one calculation each month because it 85. calculates the capital growth: Each month Capital, = Capital,,. , *(1+i)1'12 21 The interest can be derived from the capital column by simply subtracting the different balances after instalments have been deducted: Each month Interest,, = Capital,,. , - Capital,, - Instalment 86. It can be seen that, in all three cases, different interest rates lead to the same amount of interest under the same conditions. While the German method comes quite close to the EC method, the French method deviates significantly. Loan (ECU) Instalment (ECU) Credit Cost (ECU) Life Span (months) APR GERMANY 1000. 00 93. 33 120. 00 12 24. 66% Month 1 2 3 4 5 6 7 8 9 10 11 12 Sum Capital Interest 1000. 00 906. 67 813. 33 720. 00 626. 67 533. 33 440. 00 346. 67 253. 33 160. 00 66. 67 26. 67 0. 00 1120. 00 20. 55 18. 63 16. 71 14. 79 12. 88 10. 96 9. 04 7. 12 5. 21 3. 29 1. 37 - 0. 55 120. 00 FRANCE 1000. 00 93. 33 120. 00 12 21. 46% Capital 1. 000,00 924. 55 847. 75 769. 57 690. 00 609. 00 526. 56 442. 64 357. 22 270. 28 181. 78 91. 69 0. 00 1120. 00 ËC-DIRECTIV 1000. 00 93. 33 120. 00 12 23. 70% Capital 1000. 00 924. 55 847. 75 769. 57 690. 00 609. 00 526. 56 442. 64 » 357. 22 270. 28 181. 78 91. 69 0. 00 1120. 00 Interest 17. 88 16. 53 15. 16 13. 76 12. 34 10. 89 9. 42 7. 91 6. 39 4. 83 3. 25 1. 64 120. 00 Interest 17. 88 16. 53 15. 16 13. 76 12. 34 10. 89 9. 42 7. 91 6. 39 4. 83 3. 25 1. 64 120. 00 87. In the following table, we have used different life spans for a credit of 1,000 ECU, assuming that the creditor would take 10 ECU interest for every month of the lifespan of the credit. (This would be a rate of 1% using the traditional method of nominal interest calculation, which is not an interest rate but a parameter for easier interest calculation). Life Span (months) Cost (ECU) 6 12 18 24 48 60 120 180 240 480 German 360 day method 21. 49 24. 66 24. 27 24. 34 23. 09 22 EC method French method » 22. 29 23. 70 24. 00 23. 84 22. 86 20. 29 21. 46 21. 65 21. 58 20. 75 It shows that the German deviation is quite significant for periods of less 88. than a year. For longer periods, the difference between the German method and the EC method is quite small. However, the difference between the EC method and the French method is between 2 and 3%. The crossborder implications of this are already being felt in certain areas53. 89. In any event, there is no direct relationship between the interest rates which would enable a consumer to simply add 2 or 3% to the French (or subtract 0. 2% from the German method) because the size of the difference depends on the life span as well as the up-front fees and the interest rate. 4. Arguments in favour of the EC formula 90. If the annual percentage rate of charge is seen as a main factor in choosing between different products, the EC formula is mathematically the only way to guarantee that the price represents equal conditions. All the regulations concerning the costs to be considered in the annual percentage rate of charge calculation are meaningless if the mathematical procedure of their inclusion is not homogeneously defined. 91. The annual percentage rate of charge is the only form of a credit price that can help consumers to shop across the borders in the Single European Market. It will simplify the legal framework for consumer credit and make national transposition measures more consistent, as well as providing a proper framework for possible future legislative action at Community level as well. As some countries also apply this loans, and the loans and consumer credit are vanishing differences between mortgage (second mortgages are used for consumption purposes while the last 20% of an uncovered loan for a home is often given in the form of consumer instalment credit), it would be important, in case of harmonisation in this area, that there would be a unified system of annual percentage rate of charge calculation from the outset. As credit card credit will be the first form of consumer credit to be offered across borders, and the use of credit cards linked to special instalment open-ended credit offers increasingly exponentially, a uniform price disclosure system might also be needed in this context. legislation to mortgage is 92. The potential cost of adapting banks' computer programs and price structures to handle the EC formula in those countries that do not presently use the formula is not a striking argument. The banking sector in the other Member States have already made this investment in order to adapt to their national legislation as it was transposed. In addition, banks in France and Germany frequently adjust their programmes to take account of case law and 53 German banks already offer consumer credit in Alsace, while Credit Lyonnais, having purchased a German bank (BfG), are beginning operations in Germany. Complaints have already been received from French consumers who have been misled by a mortgage loan linked to a capital life insurance, the true APR of which, as well as the dangers, had not been made clear by the German bank 23 administrative rulings on the subject e. g. for the calculation of rebates in the event of early repayment of consumer credit and mortgage loans; for the calculation of damages in the event of early repayment. In addition, some of the calculations are already done using the mathematically correct form. 93. Programming will also be easier using the simpler EC method. Only the EC formula offers consumers the possibility of directly calculating the increase of a capital over a period of years. Its simplicity (1000 ECU for 98 years at an interest rate of 9. 6% will yield to (1 + 0. 096)98 * 1000 = 7,969,559. 30 ECU) is striking and merely requires the use of a home computer or even a pocket calculator. 24 IV. Elements of cost to be included in the calculation a) Elements of Cost The Directive requires that all credit costs must be included in the annual The "total cost of credit to the 94. percentage rate of charge calculation. consumer" means: all the costs, including interest and other charges, which the consumer has to pay for the credit. 95. The mathematical formula requires that the difference between the present and future value of the capital borrowed should include all the elements of cost to be included in the calculation i. e. not only the nominal interest but all other charges which can be attributed to the credit as such and not to other separate services of special value to the consumer. 96. With the exception of insurance fees, the Directive uses the indirect method, allowing the omission of five types of costs which are supposed to be "credit costs". Art 1a(2) allows the following charges to be excluded from the calculation of the "total cost of credit to the consumer: i) ii) iii) charges payable by the borrower for default charges (other than the purchase price) payable regardless whether the transaction is by cash or credit charges for accounts, transfers. (except where the consumer does not have reasonable choice or such charges are abnormally high) iv) membership subscriptions b) Situation in the Member States 97. As the number of items which could be considered as elements of cost to be included in the calculation is, theoretically speaking, unlimited, most countries simply repeat the exemptions in Article 1a(2), definitely excluding those items from the annual percentage rate of charge calculation, regardless of how closely they are related to the credit. Thus the regulations in Denmark, Greece, Ireland, Italy, Luxembourg, Portugal and Norway follow closely the wording of Article 1a(2) of the Directive, with practical application generally left to case law. 25 Art 1a2 i ii iii iv B DK D EL ES F IR IT L NL Ö PT SF SV UK IS LI N / / / / / / / / / / / / / / / / / / — / — ~ / / / / / / / / / / / / / / / 4- / / / / / / / / / / / * / / * ~ / ~ / / / / V * * / / * / / / * * / * * * * / / Comments Open list of charges to be included. For insurance, the criteria is whether a reasonable choice is given Insurance which does not secure repayment is exempt, whether mandatory or not All charges are included in the rate, including mandatory insurance charges (but non-mandatory ones are not listed as exempted) All charges are included in the rate. Jurisprudence has resulted in some changes. If the range of services provided is wider than credit, membership fees are not included. If credit is the main activity, the fee is included If account fees. , or insurance fees are obligatory, they must be included. There are no membership fees. All charges except those for non-mandatory insurance are included The Act exempts no costs (including insurance). All mandatory costs are included. All costs, including non-mandatory insurance, are included / Corresponds to Directive 90/88 i. e. these charges are specifically excluded from the calculation of the Global Annual Effective Rate Goes further than the Directive - there is no specific exemption for these items - but they may in practice be excluded See individual comments and relevant paragraphs below 98. the Directive54. In Denmark, the costs to be included are more comprehensive than in In Belgium there is a positive list of those elements of cost to 54 Article 13 of the 1990 Credit Agreement Act defines the total price of credit as the sum of all charges with the exception of certain charges (corresponding to those in the Directive, but more restricted). Charges are divided into three types: those to be included in the 26 be included in the calculation which must be included55 as well as a list similar to the exemptions in the Directive (although provided the consumer has a reasonable choice, neither the costs of a credit card which are not connected Italy and Luxembourg also have with credit nor insurance costs are included). an open list of charges to be included in the calculation, though the list of exemptions is closed. Member States, in practice, arrive at lists similar to that of Belgium through their reference to the term "credit cost" which includes items like brokerage fees, up-front fees, disagios. which must be included in the annual percentage rate of charge calculation. The situation in other Member States differs slightly - Spain, France, 99. Finland, Sweden and the UK are tacit on the subject of the list in Article 1a(2). This does not necessarily mean that they deviate from the practical method of annual percentage rate of charge calculation, because they assume that the general definition of the elements of cost to be included in the calculation already leads, in principle, to the exclusion of certain of the items concerned (fees for late payments, fees for bank accounts, membership fees and special cash price fees). These States do, however, make an important distinction in that they generally exclude only those elements of cost to be included in the calculation which are not mandatory - while the majority of States exclude the items listed in Article 1a2, these States apply a test of how the fees have entered into the contract. They therefore apply the distinction in Article 1a2(v) concerning insurance fees to all other charges. 100. The Spanish legislation requires all charges to be included in the calculation, including mandatory insurance charges. Non-mandatory insurance is not mentioned as specifically exempt from indusion. The elements of cost to be included in or excluded from the calculation are not listed, except as regards insurance premiums and default fees56. 101. In France, Article L. 313. 1 of the Consumer Code states that the calculation must reflect all interest and other charges, commissions and remunerations of any kind, direct or indirect. e. g. including payments to intermediaries. The Comité Consultatif of the Comité Usagers of the Conseil annual percentage rate of charge but not necessarily mentioned individually (e. g. charges by the creditor or third parties); those to be listed but not included in the annual percentage rate of charge (membership fees. ) and those to be neither listed nor included (cheque fees, transaction fees unless the method is compulsory. ) 55 56 Article 2. 1 of the Arrête Royal 1381 of 4. 8. 1992 contains an open list of charges which should be included in the "taux annuel effectif global". These include charges for: inquiries, advertising, the creation of a file, inquiries at a credit register, administration of the file, accounting and collection, intermediaries, credit insurance, guarantees and other personal securities, and anything else the creditor requires for the credit. Article 6. 2c of the 1995 Consumer Credit Act states that debt insurance, if required by the lender, must be indicated in the total cost. It also exempts from the calculation charges in the event of default 27 National du Crédit, in a Report, produced a detailed list of such charges57, though the list does not appear to be binding in nature: Charge included establishment and administrative costs costs for securities and warranties guaranteeing a bill of exchange notary costs stamp duty compulsory death insurance premiums overdraft charges fee for keeping money available fee for confirmation account statement fees59 fees for endorsements Charge not included book-keeping fees fees for not using a credit granted58 service charges postage non-compulsory death insurance premiums Case law and administrative precedent have included certain elements in the calculation e. g. account fees and insurance premiums. Companies in France are prohibited from selling both credit and insurance, and mandatory insurance is not required for consumer credit but rather for mortgages. 102. Credit costs in Finland are defined as "the total amount of interest, costs and other payments that the consumer shall pay on the basis of the consumer credit relationship. No list of items to be included or excluded is provided. Since 1993, insurance premiums are excluded and must be listed separately. 103. Credit costs in Sweden are defined as the total sum of all cost elements In theory, there are no exemptions - (interest, additional costs and other charges). all elements of cost to be included in the calculation must be included in the In practice, the exemptions in the Directive are annual percentage rate of charge. used. If credit Insurance charges, however, are not mentioned in the regulations. is combined with insurance, or if a separate insurance is mandatory, these costs must be included. Charges to third parties, which arise in connection with mortgages (which are within the scope of the Act) are not mentioned. 104. The UK also defines the total charge as the interest and other charges at The exemptions60 are much more any time payable under the transaction. 57 58 59 60 Report on the Reform of Usury Legislation, December 1992. The list is described as being given "under the reservation of the sovereign appreciation by the courts" Listed under different names as a cost to be included (commission d'immobilisation, commission d'engagement sur autorisation, commission de confirmation) and under two names as a cost to be excluded (commission de nonutilisation, commission d'attente). Though there also appears to be an obligation to provide these free of charge Defined in Article 5 of the Statutory Instrument The Consumer Credit (Total Charge for Credit) Regulations 1985 28 than in the Directive - there is differentiation between different forms and detailed purposes of credit. All premiums for life insurance are exempted61. Initial fees (e. g. for administration costs) are common in UK consumer credit, and may be Rest debt insurance (against either added to the balance or paid up front. accident, sickness or unemployment) is common but usually only covers the instalments during that period of illness or unemployment and may be of limited duration. Life insurance cover is often required for larger loans. 105. As regards the remaining Member States, an initial administration fee is usually required for consumer credit in Germany, but some banks claim to use no other ancillary charges (periodic fees, statement fees. ). Germany uses the same exemptions as in the Directive. Rest debt insurance is offered, but is usually not mandatory for consumer credit. Where it does apply, it is usually paid as a lumpsum in advance, and the costs must be listed separately. Insurance which does not secure repayment is excluded from the calculation, whether mandatory or not. 106. The Austrian regulation defines the cost elements to be excluded from the calculation. These exceptions differ from those in the Directive in that Austria does not mention charges other than the purchase price which must be paid regardless whether the transaction is by cash or credit, or membership fees. These does not necessarily mean that these are to be considered as interest, as they could be considered as part of the purchase price. Nor do charges required by the State have to be included. Customers must also pay for their annual bank statements. 107. In the Netherlands, only direct credit charges (including mandatory rest debt insurance), fees in case of default and compensation in the event of premature repayment are permitted to be included in the calculation62. No other charges are If permitted for consumer credit, either as initial charges or periodic fees. services connected with the credit (e. g. death, unemployment, invalidity and other insurance) are offered, the charges must be included in the annual percentage rate of charge, may not be counted as separate payments, and must not surpass the maximum rates listed in the order on Credit Remuneration63. Rest debt insurance is common, but compulsory insurance with consumer credit is not allowed. 108. In Iceland, the total cost of credit includes all interest and other charges to be paid by the consumer, with the exemptions listed in the Directive. Charges for the transfer of funds and for keeping an account (except collection charges) are 61 Statutory Instrument: The Consumer Credit (Total Charge for Credit) (Amendment) Regulations 1985 62 Article 34 of the Consumer Credit Act prohibits all "rewards for the lender" other than these charges. 63 Besluit Kredietvergoeding, Stb. 1991/549 of 16. 10. 91 29 exempted only when the consumer has reasonable freedom of choice in the way funds are transferred or collected and the charges are not abnormally high. The inclusion of insurance costs is not restricted to compulsory insurance. in the calculation, except death, invalidity, 109. Unlike the exemptions listed in Article 1a(2)(i)-(iv), Article 1a(2)(v) of the Directive indicates the only positive item to be included in the calculation of annual It exempts charges for insurance or guarantees from percentage rate of charge. inclusion illness or unemployment insurance which are to be included in the calculation, as are other charges which have to be imposed by the creditor "as a condition for credit being granted". All countries have, in one way or another, referred to this in their legislation. insurance Interpretations differ, however. Some countries assume that such premiums are always mandatory and therefore regularly included, while others e. g. Germany repeat the text of the Directive literally but in practice assume that credit life insurance is never mandatory. This is because of their legal definition of the concept of "condition" whereby insurance is interpreted as being "imposed by the creditor as a condition for the credit being granted" only if the credit contract is legally linked to the insurance contract whereas in practice creditors offer two separate contracts which are only linked by the fact that the bank will only grant In this respect, Belgian legislation takes the credit if the insurance is also taken. the other view, asking whether a rational choice between a credit contract, with or without such an insurance coverage, has been offered. In practice, this usually lead to the inclusion of such premiums64. The UK appears to be the only country which expressly excludes life insurance premiums from the annual percentage rate of charge calculation even though such insurance is obligatory for credit contracts. 110. These differing interpretations of Art 1a(2)(v) can lead to differences in annual percentage rate of charge calculations for identical products in different countries. Unlike the charges excluded by Article 1a(2)(i) to (iv), insurance premiums are an important element of the burden of charges on a consumer (up It may be necessary to exclude to a quarter of the credit costs in some cases). distinctions which are easy to circumvent through simple formulations and the use of different formulae by creditors - while this would not eliminate situations where creditors refuse to grant credit without also selling insurance coverage, it would open the door to more competition for insurance premiums. This is necessary because the same life insurance purchased separately from a consumer credit contract is usually lower in price. Separate life insurance would also have the it could be used for subsequent credit contracts and other advantage purposes without fees for age progression. Creditors should be persuaded to disclose to consumers the possibility of separate insurance coverage instead of overcharging for linked credit life insurance contracts. that 64 Empirical surveys in Germany have revealed instalment banks and finance companies offering credit for low income consumers insure up to 98% of the credit contracts while savings banks showed a rate of less than 5%. Credit life insurance is therefore mostly an additional security required by the creditor income consumers and offers the bank additional "interest" because insurance companies pay up to 3. 5% as s brokerage fee to the bank from low that 30 111. At the meeting with governmental experts in April 1995 to discuss this subject65, the experts reported on the situation in their Member States with regard to the elements of cost to be included in the calculation included in their national legislation. Some experts explained the reasons why their Member States had gone further than the Directive, or that the intent of their legislation was the same even if the wording used differed, and some clarifications of certain aspects were given. Following this meeting and the results of the study by Professor Seckelmann, it was felt that Member States include almost the same elements in their calculations and that any differences that do exist are minimal in nature. The Commission does not therefore propose, at this stage, to amend the list of elements of cost to be included in or excluded from the calculation of annual percentage rate of charge. 65 Paragraph 6 supra 31 V. Other issues 112. While the Directive requires an evaluation and a report which ". will make it possible, in the light of experience, to apply a single Community mathematical formula. "66, this requires an examination of other issues than the mathematical formula alone, in order to define a uniform application of the formula67. 1. The Denomination of the annual percentage rate of charge 113. The Directive does not regulate the multitude of interest rates or parameters with which, according to the principle of freedom of contract, lenders define how they calculate the credit costs internally. The only legally defined parameter for credit cost is the annual percentage rate of charge, presupposing either a special form of disclosure68 or a homogeneous denomination. 114. The table below indicates that there are almost as many denominations as there are Member States. 66 67 Article 1a(5)(b) of Directive 87/102 While Article 14 of the Directive specifically mentions the "distribution of the amount of credit over several agreements", other circumventions occur. On several occasions, the German Bundesgerichtshof has ruled that the combination of capital life insurance and consumer credit can be transformed into one single credit with one single APR in order to find out whether it is usurious. Another circumvention is the combination of savings and credit where the consumer is required to save an amount equal to the sum of the credit in a special account (e. g. a whole life insurance account or even an instalment savings account). The credit is not reduced and only at the end are the savings used to repay the credit in one single instalment Interest is due on the total amount of credit from the beginning to the end of the life span. The savings have earned much less interest than is to be paid on the credit, but the consumer has had to use the money for low-interest Such combinations can also be savings instead of repaying the high-interest credit. easily transformed into one credit relationship, with the EC formula applied to the total of all payments either on the credit or the savings. In such cases, the true APR is normally at least 1% higher than the disclosed APR. The problem posed by such combinations should be studied. 68 US legislation prescribes a special form sheet wherein the APR has to be disclosed in a defined area 32 B DK D EL Short form Taux d'intérêt effective/ Effektieve Rente voet E. Rentefod E. Zinssatz and, less often, E. Zinsfuss Tr. CTTl TOK L 0, P. Epitokio ES Tipo de interés E. F IR IT L Taux d'intérêt E. E. Interest Rate Tasso D'intéressé E. Taux D'intérêt E. NL E. Rentevoet 0 E. Zinssatz P Taxa de Juro E. SF SV UK Todellinen vuosikorko / effectiv räntä Eff. räntä E. Interest Rate ISL none Ll N E. Rente Denomination taux annuel effectif global/jaarlijkse kostenpercentage arlige omkostninger i procent effektiver Jahreszins or anfänglicher effektiver Jahreszins errjaio irpay\iaT L KO ( E I I E ), e t i s io eiTLTOKio pragmatiko epitokio, (EPE) tasa anual équivalente + porcentaje anual de cargas financieras taux effectif global annual percentage rate of charge, (APR) tasso annuo effettivo globale, (TAEG) taux annuel effectif global effektief kredietvergoedingsperce ntage (op jaarbasis) (dekursiver) effektiver and fiktiver Jahres- zinssatz taxa anual de encargos efectiva global, (TAEG) todellinen vuosikorko / effectiv räntä effektiv räntä annual percentage rate, (APR) ârleg hlutfallstala kostnaöar Effektive Jahreszins effektiv rente English Translation global effective annual rate/ annual cost percentage annual costs in percent effective annual interest or initial effective annual interest annual effective interest rate annual equivalent rate + annual percentage of financial burden (tipo de interés E. ) global effective rate also annual percentage rate global effective annual rate global effective annual rate effective credit remuneration per centage (on the basis »year") (decursive) effective and fictitious annual interest rate global effective annual rate of burden effective annual interest effective interest also annual percentage rate of charges, (APRC) annual percentage rate of costs effective annual interest effective interest 33 115. The common elements are "Rate" The majority of Member States of the European Community and the other members of the EEA use the term "rate"69 "Annual" Except for France, Sweden and Norway70, other Member States use the term "annual". This is particularly important as France, for instance, still uses monthly or quarterly rates. "Effective" With the exception of Denmark, Spain, Ireland, the United Kingdom and Iceland, the majority of the Member States use this term. This distinguishes between other interest rates used by lenders. 116. As regards other terms found in some Member States, not all Member States include the concept of "interest" or "charge" in their term. Of those that do, Member States are fairly equally divided between those which refer to the result of the calculation (the interest rate)71 and those who prefer to refer to what it represents (the rate of charge)72. The inclusion of either term does not add significantly to the transparency of the term. 117. While some Member States do use the term "Percentage"73, it is so common as to be understood and the inclusion of the word does not add significantly to transparency. It should be noted, in any event, that the use of the term "percentage rate" is no substitute to providing accurate information to consumers. 118. Those elements which are most important for the transparency of the term are therefore those found in the Belgian, Greek, Italian, Luxembourg, Austrian and Portuguese terms i. e. "Rate", "Annual" and "Effective"74. 69 70 71 72 73 74 With the exception of Denmark, Germany, Netherlands, Finland, Sweden and Norway. However, it should be noted that Germany uses both the term "interest" and "interest rate" and the exclusion of the word "rate" seems to be language-specific. The Directive itself uses both terms and therefore those States which transcribed the Directive exactly should be considered as using the term "rate". In Norway, the term is, by its legal definition, an annual interest Denmark, Greece, Austria, Finland, Sweden, Norway Belgium, Spain, Ireland, Portugal, United Kingdom, Iceland Belgium, Denmark, Spain, Ireland, Netherlands, United Kingdom, Iceland The original 1979 Commission proposal used the terms "Effective Annual Rate of Interest", "Taux Annuel Effectif Global" and "Effektiver Jahreszins". While different terms, proposed by the European Parliament, were accepted in the 1983 Amended Proposal: "Annual Percentage Rate of Charge", "Taux annuel des frais" and "Jährlicher Belastungssatz", these later reverted to the original terms. By the time discussions reached the Council Working Group, the original French and German terms were again used, as also in the final version of the Directive. The term in the English language 34 119. An additional feature, found in the French language version of the Directive, and presently used by Belgium, France, Italy, Luxembourg, and Portugal is the word "global". transparency and comprehension of the term for the average consumer as it indicates that the totality of the costs to be paid are contained in the annual percentage rate of charge This word adds considerably the to 120. The fact that the wording used to translate the original term (taux annuel effectif global) differs from one Member State to another and is often different in its literal meaning, has led to problems in practice because some of the denominations used in one country to denominate a certain "rate" are sometimes It would therefore used in other countries to denominate other, different "rates". be useful if some homogeneity and transparency could be achieved in order to assist in consumer comprehension. However, bearing in mind that much effort has been expended in communicating to consumers the meaning of the terms presently used in each Member State, it does not seem appropriate to propose a change in the wording used in the different languages. Nevertheless, it is desirable that a common feature be included in order to enable consumers, particularly in crossborder situations, to recognise these terms as being equivalent Following discussions with to those in use in their own Member States. governmental experts it was felt that, rather than proposing that the different terms used in the different national legislation for "annual percentage rate of charge" be in accordance with the principles of proportionality and harmonised, and subsidiarity, a common feature should be included in order to enable consumers to recognise these terms as being equivalent to the one in use in their own Member State. in accordance with,the principles of proportionality and subsidiarity, it is proposed that the use of a symbol in addition to the existing term will be required. This symbol will be identical in each Member State. This will not constitute a change in the language of the term and will only involve a small additional cost for transposition. Following discussions with government experts, and 2. Accuracy 121. The Directive does not define the degree of accuracy required in the calculation of annual percentage rate of charge. The examples given in Annex III presuppose that Member States may prescribe an accuracy of one or two decimal places. It thus seems clear that the Directive demands at least accuracy to one decimal place. 122. Most countries in fact demand accuracy to one decimal place. This, however, can make consumer credit contracts for ECU 20,000 over 60 months look equivalent although they may actually differ in cost by about ECU 50 (5 * 0,0999 * 20,000/2 = 49. 99). As the scope of consumer credit legislation in many Member States covers much higher amounts and longer terms, the difference may In those Member States which include mortgage credit in the be up to ECU 500. version alternated between "effective annual rate of interest" and "annual percentage rate of charge" up until the final draft of the Directive. 35 scope of the Directive, the difference may amount to several thousand ECU. Such a discrepancy is not tolerable. 123. More accuracy should therefore be required for higher amounts of credit. At least two decimal places should be prescribed (though with the possibility of allowing one decimal place if one decimal represents costs of less than ECU 50). 3. Time definitions 124. Different definitions of time are in use in the Member States. The Directive implicitly states that all calculations should be made with daily correctness ((Remark b) of Annex II). It also states that intervals "shall be expressed in years or in fractions of a year"75. This assumes that a day, week or month can be expressed in a constant fraction of a year. APR rules Comments Practice of n o m i n al Interest 3 6 5 / 5 2 / 12 365 / 360 B DK — 365. 25 D 360/12 360 EL 3 6 5 / 5 2 / 12 • * • "" ES 365/12 365 F 365/12 *~ IR IT L NL 0 P SF SV UK ISL LI N 3 6 5 / 5 2 / 12 «- 366 / 365 365/12 365/360/12 — 366/365 — 360 «- «- «- <- «- 360/12 360/12 3 6 5 / 5 2 / 12 360 360/12 12 months of different lengths Valuation is calculated for one day and converted to 365. 25 days (4 year average) 12 months of 30 days. 365 day year for certain transactions 12 months of equal lengths. 360 day years for loans, 365 for savings Valuation converted to 365 days Valuation is calculated for a period and converted to 365 days. 12 months of equal days. 12 months of equal lengths for one month and is calculated Each year equals the calendar year Actual months (28, 30, 31 days) 12 months of 30 days. 360 days for savings and consumer loans, 365 for commercial loans Each year equals the calendar year 12 months of 30 days 12 months of equal length «— 12 months of 30 days same as for nominal interest calculation 75 Remark c of Annex II 36 125. As can be seen from the above table, which indicates practice in different Member States, most countries for Germany, Austria, Sweden, (except Liechtenstein and Norway) have already introduced the correct calendar into their calculations. For default interest, German banks also use the 365 day year. For annual percentage rate of charge calculation, Denmark, Luxembourg and Spain prescribe 365 day years while Germany, Austria and Liechtenstein prescribe 360 day years. All other countries assume that the same year will be used as is used in nominal interest calculation. 126. The differences in the results achieved through these variations are significant. For instance, a nominal interest rate of 18% p. a. for an open-ended credit used for one day gives an annual percentage rate of charge of 19. 422% p. a. if calculated at 360 days a year, and gives 19. 716% p. a. if calculated at 365 days a year76. 127. There is no reason why calendar days should not be prescribed as the basis of a calculation while a year could generally be assumed to have 365 or 366 (or 365. 25 days to take account of leap years, though the difference caused by the loss of one day every 4 years would not be significant enough to be noticed even with accuracy to two decimal places). Nor is there any need to compensate for a credit taken out in a shorter month. 128. Annex II should therefore be amended to state that a year is presumed to have 365 or 366 days. 76 The easiest way to do such calculations using computers is by using the calendar day because each computer has an inbuilt calendar. Calendar dates can be easily subtracted However, computers have extreme problems of and the number of days defined. definition when using the 360 day formula - a test of the relevant function in a popular spreadsheet program showed that their offer of a 360-day function is not correct because the sum of the days of 10 years differs by more than 10 days if calculated in one or in several intervals. A correct 360-day calculation is therefore impossible 37 VI. Päätelmät ia suositukset 131 132 Liitteessä II on luettelo siitä kansallisesta lainsäädännöstä, jolla direktiivi on saatettu osaksi kansallista oikeusjärjestystä Euroopan yhteisön ja muut ETA:n jäsenet jäsenvaltioissa. Todellisen vuosikoron kielellisen määritelmän osalta direktiivin englannin- ja kreikankielisiin joitakin muutoksia. Ehdotetaan tehtävä englanninkielisen englannin- ja kreikankielisten toisintojen 1 a artiklan 1 kohdan a alakohdan sanamuodoksi seuraavaa: toisintoihin on The annual percentage rate of charge, which shall be that rate, on an annual basis, which equalises the present value of all commitments (loans, repayments and charges), future or existing, agreed by the creditor and the borrower, shall be calculated in accordance with the mathematical formula set out in Annex II. ja 1 a artiklan 1 kohdan a alakohdan kreikankielisen toisinnon sanamuodoksi ehdotetaan seuraavaa: "To OVVOXLKÔ erfiOLo irpotyixotTLKO TTOOOUTO eTnpapvvorjc irotpovoeç otÇieç TOV OVVÔXOV TWC Tpexovoûv eTTjoioL fiotorj TLÇ vnoxpeC)oeù)v (ôaveïùjv, e^o(f)Xfioe(i)v KOtL eiïil3oipvvo€(jôv)iTov IxeWovTinûv éxovv otvaXrjcfrdei onto TO botve LOTT) KŒL TO (ôotve t Çôp. evo) KotTotvotXojTf), vwoXoyîÇeTŒi au/x^coya/xe TO p. ctdr}p. aTLKO TVTÏO ITOV tïOLpotTideTOLi OTO ira pot PTT} not I I ". irov eÇtoûve i oe r) 133 Ehdotetaan, että nykyisin kussakin jäsenvaltiossa 'todellisesta vuosikorosta' käytetyn käsitteen lisäksi edellytetään merkin käyttöä. Tämä merkki on sama kaikissa jäsenvaltioissa. 134 Matemaattisen kaavan osalta77 ehdotetaan tähän kertomukseen sisältyvän perustelun pohjalta, että olisi säilytettävä direktiivissä 90/88 esiintyvä kaava ja saatettava se vallitsevaksi kaikkialla Euroopan yhteisössä ja muut ETA:n jäsenet. Tämän vuoksi olisi poistettava direktiivistä 1 a artiklan 5 kohta, sillä sitä ei enää tarvita. 135 Laskennat on tehtävä kahden desimaalin tarkkuudella, ja niissä on käytettävä 365 tai 366 päivän mittaista vuotta. Tämä edellyttää direktiivin liitteiden muuttamista. Myös liitteen III neljättä esimerkkiä olisi pitänyt korjata laskuvirheen vuoksi78, 77 78 Matemaattisista näkökohdista tarkemmin professori Seckelmannin tutkimuksessa, joka käsitteli todellisen vuosikoron (APR) laskemismenetelmää ETA-maissa - alaviite 6 edellä. Tässä laskelmassa on tapahtunut virhe. Tuloksen olisi oltava 13,1855 % taulukkolaskennan mukaan. Tämä virhe ei vaikuta millään tavalla kaavan oikeellisuuteen, ja muut esimerkit on laskettu oikein. 38 mutta tämä on selvitetty laskemalla esimerkit uudelleen kahden desimaalin tarkkuudella ja käyttämällä 365 tai 366 päivän mittaista vuotta. 136 Laskennassa huomioon otettavien luottokustannusten osalta direktiivin saattamisessa osaksi jäsenvaltioiden kansallista oikeusjärjestystä on tultu tilanteeseen, jossa tämän asian osalta kaikkia kuluttajia kaikkialla Euroopan yhteisön ja muut ETA:n jäsenet alueella koskee yhdenmukaistettu vähimmäissuoja. Koska jäsenvaltiot ottavat nykyään lähes samat kustannustekijät huomioon laskennassa ja koska mahdolliset eroavaisuudet ovat luonteeltaan vähäisiä, tällä kertaa ei ehdoteta muutoksia 1 a artiklan 2 kohdan poikkeuksia koskevaan luetteloon. 137 Direktiivin 87/102, sellaisena kuin se on muutettuna direktiivillä 90/88, 1 a artiklan 5 kohdan b alakohdan mukaisesti ehdotetaan luonnosta direktiiviksi. Tässä direktiivissä pannaan täytäntöön edellä suositetut muutokset79. 138 Direktiivin 90/88/ETY muiden olennaisten osien osalta mahdollisia muutosehdotuksia tarkastellaan yhdessä alkuperäisen kulutusluottodirektiivin 87/102 muutosehdotusten kanssa80. 79 80 Siinä ehdotetaan myös direktiivin 1 a artiklan 3 kohdan poistamista, koska yksikään jäsenvaltio ei ole hyödyntänyt tätä toimenpidettä. Direktiivin 87/102 täytäntöönpanoa koskeva kertomus julkaistiin toukokuussa 1995, ja komissio tarkastelee parhaillaan suhtautumista tähän kertomukseen. Kaikkiin tähän liittyviin myöhempiin lainsäädäntöehdotuksiin voitaisiin sisällyttää direktiiviin 90/88 tehdyt muutokset. 39 Annex I - Articles 1 and 1a of Directive 87/102 (as amended by Directive 90/88) Article 1 1. This Directive applies to credit agreements. 2. For the purposes of this Directive: accordance with the mathematical formula set out in Annex II. (b) Four examples of the method of calculation are given in Annex III, by way of illustration. 'consumer' means a natural person who, in transactions covered by this Directive, for purposes which can be is acting regarded as outside his trade or profession ; 2. For the purpose of calculating the annual percentage rate of charge, the "total cost of the credit to the consumer" as defined in Article 1(2)(d) shall be determined, with the exception of the following charges: (a) (b) (c) (d) (e) 'creditor' means a natural or legal person who grants credit in the course of his trade, business or profession, or a group of such persons ; 'credit agreement' means an agreement whereby a creditor grants or promises to grant to a consumer a credit in the form of a deferred payment, a loan or other similar financial accommodation. for the provision on a Agreements continuing basis of a service or a utility, where the consumer has the right to pay for their provision, by means of instalments, are not deemed to be credit agreements for the purpose of this Directive. the duration of them, for 'total cost of credit to the consumer' means all the costs, including interest and other charges, which the consumer has to pay for the credit. the credit total cost of 'annual percentage rate of charge' means the the consumer, expressed as an annual percentage of the amount of the credit granted and calculated in accordance with Article 1a. to Article 1a 1. (a) present shall be rate of The annual percentage charge, which that equivalent, on an annual basis, to the commitments and charges), the creditor and agreed by borrower, shall be calculated all (loans, repayments future or existing, the in value of 40 (i) charges payable by the borrower for non compliance with any of his commitments laid down in the credit agreement; (ii) charges other than the purchase price which, in purchases of goods or services, the consumer is obliged to pay whether the transaction is paid in cash or by credit; receive towards (iii) charges for the transfer of funds and charges for keeping an account intended the payments to reimbursement of the credit the payment interest and other charges except of the consumer does not have where the reasonable matter and where such charges are abnormally high; this provision shall not, however, apply to charges for collection of such reimbursements or payments, whether made in cash or otherwise; freedom of choice in (iv) membership subscriptions to associations or groups and arising from agreements separate from the credit agreement, even though such subscriptions have an effect on the credit terms; (v) charges for insurance or guarantees; included are, however, those designed to ensure payment to the creditor, in the event of the death, invalidity, illness or unemployment of the consumer, of a sum equal to or less than the total amount of the credit together with relevant interest and other charges which have to be imposed by the creditor as a condition for credit being granted. 3. (a) Where credit transactions referred to in this Directive are subject to the provisions of national laws in force (b) only one mathematical formula for the annual percentage calculating rate of charge is used within their territory. to Six months before the expiry of the time limit laid down in point (a) the Commission shall submit the Council a report, accompanied by a proposal, 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. (c) The Council shall, acting by a qualified majority on the basis of the proposal from the Commission, take a decision before 1 January 1996. in In the case of credit contracts containing 6. clauses allowing variations the rate of interest and the amount or level of other charges contained in the annual percentage rate of charge but unquantifiable at the time when it is calculated, the annual percentage rate of charge shall be calculated on the assumption that interest and other charges remain fixed and will apply until the end of the credit contract. necessary, 7. Where following assumptions may be made in calculating the annual percentage rate of charge: the there is no timetable if the contract does not specify a credit limit, the amount of credit granted shall be equal to the amount fixed by the relevant Member State, without exceeding a figure equivalent to ECU 2 000. if for fixed repayment, and one cannot be deduced from the terms of the agreement and the means for repaying the credit granted, the duration of the credit shall be deemed to be one year. the unless otherwise specified, where contract provides than one repayment date, the credit will be made available and the repayments made at the the provided earliest agreement. for more time for in than those described on 1 March 1990 which impose the annual limits on maximum percentage rate of charge for such transactions and, where such provisions permit standard costs other in to (v) not to be paragraph 2(i) included in those maximum limits, Member States may, solely in respect of such transactions, not the aforementioned costs include when the annual calculating percentage rate of charge, as stipulated in this Directive, provided that there is a requirement, m the cases mentioned in Article 3 and in the the credit agreement, consumer be the amount and inclusion thereof in the payments to be made. that informed of (b) Member States may no longer apply point (a) from the date of entry into force Of the single mathematical formula for calculating the annual percentage rate of charge in the Community, the provisions of paragraph 5(c). pursuant to 4. (a) (b) the The annual percentage rate of charge shall be calculated at the time is concluded, without prejudice to the provisions of Article 3 concerning advertisements and special offers. contract credit is valid that for The calculation shall be made on the credit the assumption contract the period agreed and that the creditor and the their obligations consumer under the terms and by the dates agreed. fulfil 5. (a) As a transitional measure, notwithstanding the provisions of paragraph 1(a), Member States which, prior to 1 March 1990, applied legal provisions whereby a mathematical formula different from that given in Annex II could be used for annual percentage rate of charge, may formula continue applying within their territory for a period of three years starting from 1 January 1993. calculating that the Member States shall the appropriate measures to ensure that take 41 Annex II National Legislation transposing Directive 90/88/EEC Further details on the national legislation can be found in the Report prepared by Professor Seckelmann on the Method of calculation of APR in the EEA States, available from DG XXIV. Belgium Transposing Legislation: Scope: Term used: Formula used: Elements of cost Other: Denmark Transposing Legislation: Scope: Term used: Formula used: Elements of cost la consommation relative au crédit à Loi / Wet op het consumentenkrediet 1991/1723 of 12. 6. 91, supplemented by Arrêté Royal relatif aux coûts. du crédit à la consommation / Koninklijk besluit betreffende kosten. van het consumentenkrediet 1992/2311 of 4. 8. 92, both of which have been amended since. Most kinds of credit (including mortgages and current accounts), marketing of credit, activities of intermediaries. Wider than the Directive, with limits on interest rates and lifespans of loans and specifies inadmissible terms Taux Annuel Effectif Global / Jaarlijkse Kostenpercentage Equivalent to EC formula Open list of elements to be included. Same exemptions as in Article 1a2 but criterion reasonable choice is given. Other legislation on the subject: Loi 1992/1833 of 6. 7. 92, Arrêté Royal / Koninklijk besluit 1992/2905 (Errata) of 4. 8. 92, Arrêté Royal / Koninklijk besluit 1992/2312 of 4. 8. 92, Arrêté Royal / Koninklijk besluit 1993/1226 of 27. 4. 93, Arrêté Royal / Koninklijk besluit 1993/1381 of 29. 4. 93 Insurance not excluded. is whether lov n* 284 of 29/04/92 and Lov om kreditaftaler 1990/398 of 13. 6. 90 amended by Lov n° 322 of lov n' 226 of 06. 04. 94, 31. 05. 91, supplemented by Bekendtgorelse n° 896 of 21. 12. 90 and Bekentsgorelse 970 of 07. 12. 92and Bekendtgorelse n' 497 of 13. 06. 94; Lov om maerkning og skiltning med pris n' 395 of 13. 6. 90; and Bekendetgorelse n* 902 of 12. 11. 92 Wider than the Directive - deals with real estate loans secured by mortgage (traded as bonds) érlige omkostninger i procent EC formula Same exemptions as in Article 1a2 though more comprehensive (account and transfer costs are only exempted if consumer has reasonable choice and costs are not excessive) Other: Germany Transposing Legislation: Other legislation on the subject: Lov 1991/456 of 17. 6. 91 amended by Lov 1994/429 of 1. 6. 94; Bekendtgorelse n° 322 of 31. 05. 91, n* 284 of 29. 04. 92, n' 226 of 06. 04. 94, n° 1098 of 21. 12. 94, n* 970 of 07. 12. 92 and n° 1228 of 21. 12. 92 Erste VO (von 03. 04. 92) zur Anderung der Preisangabenverordnung (von 14. 3. 85) 42 Scope: in some respects wider than the Directive, with regulations on default and intermediaries. effektiver Jahreszins or anfänglicher effektiver Jahreszins Term used: Formula used: Derogation in Article 1a5a - Staffelrechnung (cascade calculation) Elements of cost: Literal transposition, using the exemptions in article 1a2. Insurance which does not secure repayment is exempt, whether mandatory or not. Other: Other legislation on the subject: Article 609a BGB; Preisangabenverordnung of 14. 3. 85, Ausfuhrungshinweise zu §4 PAV of 18. 12. 92; Verbraucherkreditgesetz of 17. 12. 90, amended 27. 4. 93 Greece Transposing Legislation: Scope: Tenu used: Formula used: Elements of cost: As in Article 1 a2 Other: Ministerial Decision 01-983 of 7. 3. 91 As in Directive etisio pragmatiko epitokio EC formula Other legislation on the subject: Decision 1993/524 of the Committee of Money and Credit of the Bank of Greece, of 8. 4. 93; Acts of the Governor of the Bank of Greece n' 1993/2213 of 15. 6. 93; n' 1993/2258 of 2. 11. 93; n* 1994/2286 of 28. 1. 94 Spain Transposing Legislation: Scope: Term used: Formula used: Elements of cost: Ley de crédito al consumo 1995/7 of 23. 3. 95 and correction 12. 5. 87 As in Directive, but interest rate and total cost must also be stated for mortgages. tasa anual équivalente and porcentage anual de cargas financieras Equivalent to EC formula All charges are included in the rate, including mandatory insurance charges (and non-mandatory insurance charges are not listed as exempted). Other: Other legislation on the subject: Ley 1965/50 of 21. 7. 65; Orden Banco de Espana of 16. 6. 88, Ley 1988/26 of 29. 7. 88; Orden 1989/303 of Min. Economia y Haciendas of 12. 12. 89; Circular Banco de Espana 1990/8 of 7. 9. 90, n* 1993/13 of 21. 12. 93 and 1994/5 of 22. 7. 94; Ley 1994/2 of 30. 3. 94, Orden Banco de Espana of 5. 5. 94; France Transposing Legislation: Scope: Term used: Formula used: Elements of cost: Other: Directive 90/88 has not been transposed in France. taux effectif global - By existing legislation, all charges are included in the rate Other legislation on the subject: Loi 1966/1010 of 28. 12. 66, Loi 1978/22 of 10. 1. 78 amended by 1979/596 of 13. 7. 79; Ordonnance 1986/71243 of 1. 12. 86; Loi 1988/15 of 5. 1. 88; Décret 1988/293 of 31. 3. 88; Loi 1989/1010 of 31. 12. 89; Loi 1992/60 of 18. 1. 92; Décret 1985/944 of 8. 9. 85; Loi 1993/949 of 26. 7. 93; Décret n" 1978/372 of 17. 3. 78, n* 1987/509 of 24. 3. 78; n* 1988/293 of 25. 3. 88; Loi 1995/125 of 8. 2. 95 43 Ireland Transposing Legislation: Scope: Term used: Formula used: Elements of cost: Generally the same as Art. 1a2 Other: 1995 Consumer Credit Act, 28. 7. 95 Wider than the Directive annual percentage rate of charge EC formula Other legislation on the subject: Consumer Information (Consumer Credit) Order SI 1987/319 of 10. 12. 87 Italy Transposing Legislation: Scope: Term used: Formula used. Elements of cost: Other: Legge communitaria 1991/142 of 19. 2. 92; Decreto vista 1992/142 of 8. 7. 92 Wider than the Directive - neither loans before notaries nor loans to be repaid by 4 instalments in 12 months are not exempted, and credit purchases are included. tasso annuo effettivo globale EC formula la legge As in Article 1a2. Open list of charges to be included Other legislation on the subject: Legge 1992/154 of 17. 2. 92; Decreto on Legge 1992/154, 24. 4. 92; Instruzioni della Banca d'ltalia in attuazione della legge 1992/154, 24. 4. 92; Legge in materia bancaria e creditizia 1993/385 Luxembourg Transposing Legislation: Scope: Term used: Formula used: EC formula Elements of cost: Other: Règlement Grand-Ducal 26. 8. 93 As in Directive but credit card accounts are treated the same as other accounts taux annuel effectif global Same as in Article 1 a2 Other legislation on the subject: les Loi 9. 8. 93; Avant-projet de règlement grand-ducal déterminant modalités de calcul du montant de la réduction équitable du coût total de crédit Netherlands Transposing Legislation: Scope: Terni used: Formula used: Elements of cost: Wet op het consumentenkrediet 4. 7. 90 Stb 1990/395 Wider than the Directive and very detailed. Regulation of intermediaries and obligation on lenders to advise debtors. Maximum rates. effektief kredietvergoedingspercentage (op jaarbasis) Equivalent to EC formula Only 1a2(i) & (ii) are used. obligatory, they are not exempted. If account fees or insurance fees are Other: Other legislation on the subject: Besluit n° 1991/515 and 1991/516 of 9. 10. 91; n° 548 of 17. 10. 91, n° 549 of 16. 10. 91, n° 550 of 18. 10. 91; Regeling 1991/220 of 6. 11. 91; Regeling register vergunninghouders Stcr 1991/220 of 6. 11. 91 44 Austria Transposing Legislation: Scope: Term used: Formula used: Elements of cost Other Bankwesengesetz BGBL n' 532 of 13. 07. 93 Verbraucherkreditverordnung n° 110 of 13. 05. 93 Wider than the Directive in some respects. No form of credit exempt - applies to real estate loans, mortgages and loans of any amount or duration. Certain leasing transactions also seen as being equivalent to hire-purchase. (dekursiver) effektiver and fiktiver Jahreszinssatz Equivalent to EC formula (Section VIII); Only 1a2(i) & (iii) are used. 360 day year used Other legislation on the subject: Insurance is included if mandatory. Konsumentenschutzgesetz 1979/140 of 8. 3. 79, amended by 1993/247 of 16. 4. 93; Konkursordnungsnovelle 1993/974; Gewerbeordnung 1994/194 Portugal Transposing Legislation: Scope: Term used: Formula used: Elements of cost. Other Finland Transposing Legislation: Scope: Term used: Formula used: Elements of cost: Other: Decreto-Lei 1991/359 of 21. 9. 91 Wider than the Directive in the range of credit covered. Mortgages not covered. taxa anual de encargos efectiva global EC formula Same as in Article 1a2. Intermediaries' costs included. Kuluttajansuojalaki / Konsumentskyddslag 1978/38 of 20. 1. 78, as amended by 1986/385 of 23. 5. 86, 1993/85 of 8. 1. 93 and 1994/16 of 5. 1. 94: Asetus / Förordning 1993/1602 of 30. 12. 93 as amended by 1994/16 of 1. 7. 94 Wider than the Directive - includes loans to buy homes and mortgages. todellinen vuosikorko / effektiv räntä Derogation in Article 1a5a. Formula: Decision of Ministry of Trade and Industry on the application of certain provisions in Chapter 7 of the Consumer Protection Act (1986/874 of 30. 06. 86 as amended by 1994/661) All charges, except for non-mandatory insurance, are included Other legislation on the subject: Luottolaitoslaki / Kreditinstitutslag 1993/1607 of 30. 12. 93 Sweden Transposing Legislation: Scope: Term used: Formula used: Elements of cost. Konsumentkreditlag 1992/830 Wider than the Directive - covers all forms of loans, including mortgages and those connected with credit-purchases and current accounts effectiv räntä EC formula All charges are included (no exemptions are listed though in practice those in the Directive are used). Insurance is not mentioned but if it is mandatory, must be included. Other: Other legislation on the subject: Guidelines 1992/4 for the application of Konsumentendreditlag 1992/830; Executive Order 1992/1010 of 22. 10. 92 45 United Kingdom Transposing Legislation: Scope: Term used: Formula used: Equivalent to EC formula Elements of cost: Other: C o n s u m er Credit Act (Agreements)(Amendments) Regulation Statutory Instrument 1984/1600 of 22. 10. 94 More comprehensive than the Directive annual percentage rate of charge 1 9 7 4; The C o n s u m er C r e d it As in Article 1a2. All mandatory costs included. Other legislation on the subject: Consumer Credit Act 1974; The Consumer Credit Regulations - Statutory Instruments 1980/51 of 29. 1. 80, 1983/1553 of 3. 11. 83, 1983/1562 of 3. 11. 83, 1983/1564 of 3. 11. 83, 1985/1192, 1989/596 of 14. 4. 89; 1989/869 of 24. 5. 89; 1989/1125 of 6. 7. 89; 1989/1126 of 6. 7. 89 Iceland Transposing Legislation: Scope: Term used: Formula used: Elements of cost Log urn neytendalan 1993/30, amended by 101/1993 - consolidated in Log urn neytendalan 1994/121 of 21. 9. 94 Hirepurchase and leasing agreements are included ärleg hlutfallstala kostnaöar EC formula As in Article 1a2. All costs, including non-mandatory insurance, are included. Other Other legislation on the subject: Regulgerô 1993/377 of 3. 9. 93 and Regulgerö 1993/491 of 3. 12. 92 Liechtenstein Transposing Legislation: vom 22 Oktober Gesetz (Liechtensteinisches Landesgesetzblatt 1993 n'50 von 9/3/93) Effektiver Jahreszins EC formula 1992 uber den Konsumkredit Term used: Formula used. Elements of cost: As in Article 1a2 Other: 360 day year used Norway Transposing Legislation: Scope: Lov om kredittkjop 1985/82 of 21. 6. 85 as amended; Forskrift kredittkjopsloven 1986/1616 of 15. 7. 86; Forskrift 1990/437 of 1. 6. 90 Narrower than the Directive in that it only covers purchase credit, but wider in that only immovable property is exempt - covers more than consumer purchases, covers wider range of current accounts. effectiv rente til Term used: Formula used: EC formula (to be implemented in 1996) Elements of cost: As in Article 1a2 Other Other legislation on the subject: Lov om finansieringsvirksomnet og finansinstitusjoner 1988/40 and amendment 4. 12. 92 46 Annex III For the references to the German and French formulae, see footnotes 46 and 50 respectively. Formula used for calculating APR in Finland: Single Credits: p= 1 2 x 2 0 0 xR K x (T + L) in which P= R = K = T = L = APR the amount of total costs the amount of initial loan repayment period expressed in months the interval between repayments expressed in months Current Accounts: 100 x yearly credit costs p = typical amount of credit [Provided by the Consumer Ombudsman's Office, Finland] 47 PERUSTELUT Taustaa - Direktiivit 87/102/ETY ja 90/88/ETY 1. 2. 3. 4. Neuvosto antoi vuonna 1975 Alustavan ohjelman Euroopan talousyhteisön kuluttajansuojapolitiikaksi', jossa korostettiin kuluttajien perustavaa laatua olevaa oikeutta saada taloudelliset etunsa suojatuiksi ja kehotettiin antamaan etusija muun muassa kulutusluoton yleisten ehtojen yhdenmukaistamiseen pyrkivien toimien hyväksymiselle yhteisön tasolla. Komission alkuperäistä kulutusluottoja koskevaa ehdotusta2 muutettiin' parlamentin ehdotusten perusteella siten, että siinä säädetään yhtenäisen menetelmän laatimisesta luottojen todellisen vuosikoron laskemista varten. Neuvosto antoi direktiivin 87/102/ETY4 kulutusluottoja koskevien jäsenvaltioiden lakien, asetusten ja hallinnollisten määräysten lähentämisestä 22 päivänä joulukuuta 1986. Tämän direktiivin yhdeksännessä perustelukappaleessa ja 5 artiklassa säädetään yhteisön menetelmästä tai menetelmistä luottojen 'todellisen vuosikoron' laskemista varten. Koska yhteisen menetelmän laatiminen 'todellisen vuosikoron' laskemista varten ja tässä laskennassa huomioon otettavat tekijät kuitenkin olivat osoittautuneet kiistanalaisiksi, direktiivissä 87/102 ilmaistiin, että "kunnes päätetään yhteisön 'todellisen vuosikoron' laskentamenetelmästä tai -menetelmistä, jäsenvaltioiden olisi voitava säilyttää nykyiset — menetelmänsä tai käytäntönsä" ja että 'kulutusluoton kokonaiskustannukset' (1 artiklan 2 kohdan d alakohta) ja 'todellinen vuosikorko' (1 artiklan 2 kohdan e alakohta) olisi määrättävä ja laskettava jäsenvaltioissa noudatettavien säännösten, käytäntöjen ja menetelmien mukaisesti. Hallitusten asiantuntijoiden kanssa käymiensä keskustelujen jälkeen komissio esitti ehdotuksen direktiiviksi5. Euroopan parlamentti6 ja talous- ja sosiaalikomitea7 suosittelivat asetusta matemaattisten näkökohtien lisäksi myös laskennassa huomioon otettavien luottokustannusten vuoksi. Koska useimmat jäsenvaltiot mielellään hyväksyivät vakuutusmatemaattisen laskentamenetelmän ja olivat myös halukkaita käsittelemään laskennassa huomioon otettavia luottokustannuksia, näitä molempia seikkoja käsittelevä muutettu ehdotus esitettiin vuonna 19898. Direktiivi 90/88/ETY annettiin 22 päivänä helmikuuta 1990 ja siinä otettiin käyttöön yhteisön menetelmä kulutusluottojen 'todellisen vuosikoron' laskemista varten ja luettelemalla ne määriteltiin kustannukset, joita ei tullut ottaa huomioon. Kaikkien jäsenvaltioiden9 oli taattava laskennassa huomioon otettavat kustannukset EYVL N:oC 92, 25. 4. 1975 EYVLN:oC 80,27. 3. 1979 EYVLN:oC 183, 10. 7. 1984 EYVLN:o L 42, 12. 2. 1987 EYVLN:oC 155, 14. 6. 1988, s. 10 EP:n mietintö A2-418/88, 6. 3. 1989; EP:n päätöslauselma, 15. 3. 1989 TSK:n lausunto, EYVL N:o C 337, 31. 12. 1988, s. 1 EYVL N:o C 155, 23. 6. 1989, s. 4 Direktiivi 90/88 sisällytettiin Euroopan talousaluetta (ETA) koskevaan sopimukseen, joten tämä jäljempänä) käsittelee Euroopan unionin 15 jäsenvaltion lisäksi kertomus (katso alaviite II 11 5. 6. 7. " 8. vähintään se, että niiden alueella oli tätä tarkoitusta varten käytössä ainoastaan yksi matemaattinen laskentakaava. Tammikuun 1 päivään 1996 ulottuvan siirtymäkauden aikana ne jäsenvaltiot, jotka lainsäädännöllisistä syistä käyttivät erilaista matemaattista kaavaa 'todellisen vuosikoron' laskemisessa (ennen maaliskuun 1 päivää 1990), saivat edelleen tehdä niin10. Direktiivin 87/102 1 a artiklan 5 kohdan b alakohdassa (sellaisena kuin se on lisättynä direktiivillä 90/88) edellytetään komission antavan neuvostolle "kertomuksen siihen liittyvine ehdotuksineen", jonka nojalla on mahdollista soveltaa yhtenäistä yhteisön matemaattista 'todellisen vuosikoron' laskentakaavaa. Komissio on laatinut kertomuksen direktiivin 90/88 täytäntöönpanosta". Siinä selitetään yksityiskohtaisemmin perustelut jäljempänä esitetyille muutosehdotuksille. laatimaan Tämä kertomus perustuu finanssimatematiikan konsulttiasiantuntijan tutkimukseen12, direktiivin saattamista osaksi kansallista oikeusjärjestystä koskeviin tutkimuksiin13 asiantuntijoiden kanssa käytyyn yhteydenpitoon14. erityisesti hallitusten ja Vaikka 1 a artiklan 5 kohdan c alakohdassa ilmaistaan144, että neuvosto komission ehdotuksesta 'päättää', kyseessä ei ole 'päätös' perustamissopimuksen 189 artiklan tarkoittamassa mielessä, vaan pikemminkin direktiivi, sillä sen tavoitteena olisi saada jäsenvaltiot muuttamaan lakejaan. Tämä tulkinta on sopusoinnussa sen tulkinnan kanssa, joka on aiemmin annettu direktiivin 87/102 5 artiklasta, jonka englanninkielisessä toisinnossa käytettiin ilmaisua " 'decision' on the introduction of a Community method" - tämä menetelmä otettiin kuitenkin itse asiassa käyttöön direktiivillä (direktiivi 90/88/ETY). 10 11 12 13 14a Islantia, Liechtenstein ja Norjaa. Direktiivin 87/102 1 a artiklan 5 kohdan a alakohta (sellaisena kuin se on lisättynä direktiivillä 90/88) KOM(96)79 Professori Seckelmann on laatinut tutkimuksen todellisen vuosikoron laskentamenetelmistä Euroopan talousalueella (saatavana PO XXIV:stä) KOM(95) 117 kolmas alaviite, Kertomus kulutusluottoja koskevien jäsenvaltioiden lakien, asetusten ja hallinnollisten määräysten lähentämisestä annetun direktiivin 87/102/ETY täytäntöönpanosta Kokoukset järjestettiin Brysselissä huhtikuussa 1995 ja tammikuussa 1996. Suoraa yhteydenpitoa jatkettiin kokousten välilläkin. Direktiivin ranskan- ja italiankielisessä toisinnossa ei viitata 'päätökseen'. 5> Ehdotukset direktiivin 87/102 muuttamiseksi (sellaisena kuin se on muutettuna direktiivillä 90/88): 9. 10. 11. Kuten kertomuksessa direktiivin 90/88 täytäntöönpanosta on seikkaperäisemmin kerrottu15, käsitteestä 'todellinen vuosikorko' on käytössä lähes yhtä monta nimitystä kuin on jäsenvaltiotakin. toiminnan takaamiseksi sisämarkkinoiden asianmukaisen Samoista syistä kuin on suotavaa, että yhtä yhtenäistä menetelmää käytetään todellisen vuosikoron laskentaan kaikkialla Euroopan yhteisön ja muut ETA:n jäsenet alueella ja hyvän kuluttajansuojan takaamiseksi, on myös suotavaa, että kuluttajien olisi pystyttävä tunnistamaan muissa jäsenvaltioissa tämän koron ilmaisemisessa käytetyt käsitteet. Tästä syystä avoimuuden edistämiseksi ja kuluttajien tietämyksen lisäämiseksi on suotavaa, että käytetään yhteistä tunnusmerkkiä, jonka avulla kuluttajat voivat tunnistaa nämä käsitteet omassa maassaan käytetyn käsitteen vastineiksi. Hallitusten asiantuntijoiden kanssa käytyjen keskustelujen seurauksena ja suhteellisuus- ja toissijaisuusperiaatteiden mukaisesti ei ehdoteta eri kielissä käytettyjen eri käsitteiden yhteensovittamista, kaikkiin kulutusluottoilmoituksiin ja kuluttajien kanssa tehtäviin kirjallisiin sopimuksiin liitetään käytössä olevan käsitteen lisäksi merkki. Tämä merkki on sama jokaisessa jäsenvaltiossa. Tämä edellyttää direktiivin 87/102 (sellaisena kuin se on muutettuna direktiivillä 90/88) 3 artiklan ja 4 artiklan 2 kohdan muuttamista, jotta merkkiä on käytettävä kaikissa kulutusluottoilmoituksissa kirjallisissa sopimuksissa. käsitteen sekä pikemminkin, vuosikorko' kuluttajien 'todellinen vaaditaan tehtävissä nykyisen kanssa lisänä vaan että Direktiivin nykyisten erikielisten toisintojen yhteensovittamiseksi edellytetään direktiivin englannin- ja kreikankielisten toisintojen 1 a artiklan 1 kohdan a alakohdan muuttamista16. Artikla kuuluu (vastaa ranskankielistä toisintoa): jälkeen seuraavasti sen The annual percentage rate of charge, which shall be that rate, on an annual basis, which equalises the present value of all commitments (loans, repayments and charges), future or existing, agreed by the creditor and the borrower, shall be calculated in accordance with the mathematical formula set out in Annex II. ja 1 a artiklan 1 kohdan a alakohdan kreikankielisen toisinnon sanamuodoksi ehdotetaan seuraavaa: "TO OVVOXLKO 6TTJOIO TTp Oiy [lOt T L K. O 1^000070 eÇtoûveL TUV e^0(j)\f\oeu3v KÖLI eirLfiotpOvaeojv) TTOV éxovv € TT L /Öap V V OT)Ç 1TOV TOV OUVÔXOV (ôotveîuv, otva\r]<t)det airo ro oe erfjOLa pao-q TLÇ [leWovTL KÛV viroxpeûoewv Tpexovoûv irapovoec a£îeç f) Kertomuksen 113-120 kohdat. Tästä muutoksesta on keskusteltuja siitä on sovittu Irlannin ja Yhdistyneen kuningaskunnan kanssa (sanojen "that rate. which equalises" osalta). 51 ÔOtVeiOTTJ K0U TO (ÔOtV € L t ÔU6 V O) KOtTOLVOlXwjf], VTTOXoyîÇeTOlL av\x4>03vot ue •napa. p77]\iot I I ". TO uaorçuar i KO TUTTO irotpoiTidejoii ITOU OTO 12. 13. 14. Direktiivin 1 a artiklan 3 kohdassa sallittiin jäsenvaltioiden, jos niissä oli 1 päivänä todelliseen maaliskuuta 1990 voimassa kansallisia säännöksiä, joiden mukaan vuosikorkoon sovelletaan enimmäismäärää, ja tällaisen enimmäismäärän ulkopuolelle jäävät muut kulut kuin ne, jotka on mainittu 1 a artiklan 2 kohdassa, soveltamaan yhä näitä säännöksiä (edellyttäen, että kuluttajalle ilmoitetaan näistä kustannuksista). Koska yksikään jäsenvaltio ei ole käyttänyt tätä mahdollisuutta, on tarkoituksenmukaista poistaa 1 a artiklan 3 kohta. Tämä artikla olisi joka tapauksessa poistettava, jos kaava vahvistetaan siten kuin tässä direktiiviehdotuksessa ehdotetaan. jos Kuten kertomuksessa direktiivin 90/88/ETY täytäntöönpanosta on osoitettu, direktiivin liitteessä II oleva kaava on täysin virheetön ja se olisi vahvistettava kaikkialla Euroopan talousalueella. Tämä edellyttää Saksassa, Ranskassaja Suomessa nykyisin käytössä olevien kaavojen muuttamista. Saksan ja Ranskan kaavoissa ei käytetä eksponenttilaskentaa, minkä vuoksi niissä ei voida käyttää vuoden kattavaa koronlaskentakautta kaikissa olosuhteissa. EY:n kaavan pääasialliset erot Saksan kaavaan nähden17 liittyvät lyhytaikaisiin luottoihin, joita käytetään yhä enenevässä määrin. Näitä ovat esim. luottokortit. Jotkin Saksan pankeista käyttävät jo tosin EY:n kaavaa hyvitysten järjestelmää ei voida käyttää erisuuruisten maksuerien tapauksissa. Ranskan kaavassa18 kuukausikorko muutetaan vuosikoroksi kertomalla se kahdellatoista. Tämä on harhaanjohtavaa, sillä se ei perustu vuoden mittaiseen koronlaskentakauteen ja voi näin johtaa huomattavan erilaisiin tuloksiin kuin EY:n kaava. Ranskalaiset kulutusluottosopimukset näyttävät näin keinotekoisesti kuluttajien kannalta edullisemmilta kuin muiden jäsenvaltioiden kulutusluottosopimukset. Saksan järjestelmä on matemaattisesti epäjohdonmukainen ja se aiheuttaa keinotekoisia eroja laskelmissa, mutta sillä on ainoastaan vähäisiä vaikutuksia suurimpaan osaan tavallisimmista osamaksuluotoista. Ranskanjärjestelmä poikkeaa niin huomattavasti EY:n kaavasta, että se johtaa ulkomaisten kuluttajien lisäksi harhaan myös ranskalaisia kuluttajia. laskennassa, sillä vanhaa Esimerkiksi 1 000 ecun kuukausittain, saadaan eri kaavoilla seuraavat tulokset: lainasummasta, josta maksetaan 10 ecua korkoa Katso 64 - 75 kohdat direktiiviä 90/88 koskevasta kertomuksesta. Katso 76-81 kohdat direktiiviä 90/88 koskevasta kertomuksesta. SX Aika (kuukausina) Kustannukset Saksan menetelmä EY:n menetelmä Ranskan menetelmä 6 12 18 24 48 60 120 180 240 480 21,49 24,66 24,27 24,34 23,09 22,29 23,70 24,00 23,84 22,86 20,29 21,46 21,65 21,58 20,75 Saksan menetelmän poikkeama on huomattava alle vuoden pituisten ajanjaksojen osalta, kun taas Ranskan menetelmän poikkeama on luonteeltaan yleisempi ja vakavampi. 15. 16. tehdä ostoksia rajojen yli yhteismarkkinoilla; EY:n kaavan etuja19 ovat seuraavat: matemaattisesti yhtenäisen kaavan käyttö on ainoa keino taata, että hinnat vastaavat yhtäläisiä ehtoja; sen ansiosta kuluttajat voivat se yksinkertaistaa kulutusluottoon liittyvää lainsäädäntöä eri jäsenvaltioissa ja edistää yhdenmukaisuutta kansallisissa toimenpiteissä, jotka koskevat lakien saattamista osaksi kansallista tuotantokustannukset oikeusjärjestystä. Ohjelmistoyritysten laskevat kaikkialla yhteismarkkinoilla käytettävästä yhtenäisestä kaavasta aiheutuvien suurtuotannon etujen vuoksi. Ne kustannukset, joita mahdollisesti syntyy tietokoneohjelmien ja hintarakenteiden mukauttamisesta EY:n kaavaan, eivät muodosta vakuuttavaa perustelua, koska pankit niissä jäsenvaltioissa, jotka jo käyttävät tätä kaavaa, ovat jo tehneet tämän sijoituksen. Nyt muutospaineessa olevat pankit mukauttavat usein ohjelmiaan niin, että niissä otetaan huomioon tämän alan oikeuskäytäntö ja hallinnolliset säännöt. Lisäksi ne käyttävät EY:n kaavaa jo joissakin (sisäisissä) laskelmissaan. ja rahoituslaitosten Tämän vuoksi on tarpeen poistaa 1 a artiklan 5 kohta. Tässä artiklassa sallittiin poikkeamat 31 päivään joulukuuta 1995 asti (Saksan ja Suomen käyttämä) niille jäsenvaltioille, jotka halusivat säilyttää todellisen vuosikoron laskennassa eri menetelmän. Kuten kertomuksessa direktiivin 90/88/ETY täytäntöönpanosta on osoitettu, direktiivin liitteessä II oleva kaava olisi vahvistettava kaikkialla Euroopan yhteisön ja muut ETA:n jäsenet alueella. Tämän vuoksi 1 a artiklan 5 kohdan a alakohta (poikkeama), 1 a artiklan 5 kohdan b alakohta (viittaus kertomukseen ja tähän lainsäädäntöehdotukseen) sekä 1 a artiklan 5 kohdan c alakohta (viittaus neuvoston päätökseen) eivät ole enää tarpeen ja ne olisi poistettava. Liitteessä II olevan kaavan vahvistaminen edellyttää muutoksia Saksan, Ranskan ja Suomen tällä hetkellä voimassa olevaan lainsäädäntöön. 19 Katso 82 - 93 kohdat direktiiviä 90/88 koskevasta kertomuksesta. 55 17. Myös kielellisiä muutoksia on ehdotettu liitteen II tietynkielisten - espanjan-, ranskan- ja hollanninkielisten - toisintojen määritelmien sanamuotoihin. 18. 19. Vaikka direktiivissä ei nykyisellään määritetä sitä, kuinka tarkasti todellinen vuosikorko on laskettava, liitteen III esimerkeissä oletuksena on ainakin yhden desimaalin tarkkuus. Useimmat jäsenvaltiot edellyttävät ainakin yhden desimaalin tarkkuutta. Koska useiden jäsenvaltioiden kulutusluottolainsäädäntöä sovelletaan suurempiin summiin ja pidempiin ajanjaksoihin kuin direktiiviä, tarkkuuden asteesta aiheutuvat erot muodostuvat tärkeiksi erityisesti niissä jäsenvaltioissa, joissa kyseistä lainsäädäntöä sovelletaan myös kiinnitysluottoihin. Tämän vuoksi on tarpeen edellyttää kahden desimaalin tarkkuutta (vaikka yhden desimaalin tarkkuus voitaisiin sallia silloin, kun ero on alle 50 ecua). Tämä edellyttäisi myös liitteen III esimerkkien ja liitteen II muuttamista. Direktiivin liitteessä II sanotaan, että laskennassa käytettyjen päivämäärien väliset ajat ilmaistaan "vuosina tai vuosien murto-osina". Tämä on peräisin tietokoneita edeltävältä ajalta, jolloin laskennan helpottamiseksi vuodessa määriteltiin olevan 12 yhtäläistä kuukautta, 52 viikkoa ja 360 päivää. Koronlaskentakaudet sovittiin samoin täysiksi kuukausiksi tai vuosiksi, jotta loppuvuoden laskelmat olisivat mahdollisia. Tämä johtaa tilanteisiin, joissa joidenkin kuukausien 31. päivä jätetään huomiotta ja helmikuuhun lisätään 2 päivää, jotta saataisiin 12 yhtäläistä 30 päivän pituista Itävaltaa, Ruotsia, kuukautta. Käytännössä useimmat Liechtenstein ja Norjaa lukuun ottamatta) ovat ottaneet laskennassa käyttöön todellisen kalenterin. Kuitenkin jopa Saksassa, Itävallassa, Ruotsissa ja Norjassa todellista 365 päivän kalenterivuotta käytetään tietyissä laskelmissa. Lisäksi 365 päivän mittaisen vuoden käyttö on sopusoinnussa tietokoneohjelmien kanssa ympäri maailman - tietokoneiden laskelmat perustuvat automaattisesti 365 päivän mittaiseen vuoteen ja tietyn ajanjakson päivien lukumäärään. Koska luottojen koroissa voi olla huomattavia eroja laskettaessa 360 tai 365 päivän perusteella, liitettä II on tarpeen muuttaa siten, että siinä ilmaistaan vuodessa olevan 365/6 päivää20. Tämä edellyttää myös liitteen III esimerkkien ja liitteen II muuttamista. jäsenvaltiot (Saksaa, 20. Tämä ehdotus vaikuttaisi käytännössä ainoastaan Saksaan, Itävaltaan, Ruotsiin Liechtenstein ja Norjaan, joissa on nykyisin laskennassa käytössä 360 päivän mittainen vuosi. 21. Myös liitteen III neljännessä esimerkissä ollut laskuvirhe oli korjattava - vastauksen olisi 13,21 prosentin sijasta pitänyt olla 13,1855 tai 13,19 prosenttia. Tämä on kuitenkin korjattu laskemalla esimerkit uudelleen kahden desimaalin tarkkuudella ja käyttämällä 365 / 366 päivän mittaista vuotta. 22. Tällä hetkellä ei esitetä mitään muutoksia direktiivin 1 a artiklan 2 kohdan luetteloon (kustannustekijät, joita ei oteta huomioon todellisen vuosikoron laskennassa), koska 20 Vaikka Tanskassa käytetään karkausvuosien huomioimiseksi 365,25 päivän mittaista vuotta, joka on keskiarvo neljän vuoden ajalta, tätä ei ehdoteta direktiiviin, sillä ero ei olisi niin merkittävä, että se olisi otettava huomioon kahden desimaalin tarkkuudella tehtävissä laskelmissa. <ö\ useimmat jäsenvaltiot ottavat samat kustannukset huomioon, ja mahdolliset erot ovat luonteeltaan vähäisiä. Direktiivin 90/88/ETY muiden olennaisten osien muuttamiseen tähtääviä ehdotuksia tarkastellaan yhdessä alkuperäisen kulutusluottodirektiivin, direktiivi 87/102/ETY21, muutosehdotusten kanssa. Oikeudellinen tilanne ennen ehdotetun direktiivin antamista 23. 24. Itävallan, Suomen ja Ruotsin liittymistä seuranneen Euroopan unionin laajentumisen aiheuttaman muuttuneen tilanteen vuoksi ja koska tietyissä jäsen valtioissa direktiivien 87/102' ja 90/88 saattamisessa osaksi kansallista oikeusjärjestystä on ollut viivästyksiä, komissio ei voinut esittää 1 a artiklan 5 kohdan b alakohdassa tarkoitettua kertomusta siihen liittyvine ehdotuksineen 1 päivään heinäkuuta 1995 mennessä. Neuvosto ja parlamentti eivät myöskään voineet hyväksyä ehdotettua direktiiviluonnosta 1 päivään tammikuuta 1996 mennessä. todellisen vuosikoron Direktiivin 87/102 1 a artiklan 5 kohdan a alakohdassa jäsenvaltioiden sallittiin siirtymäkauden aikana soveltaa edelleen laskennassa direktiivistä poikkeavia oikeudellisia säännöksiä kolmen vuoden ajan 1 päivästä tammikuuta 1993 alkaen (eli 1 päivään tammikuuta 1996). Komission tulkinnan mukaan 1 a artiklan 5 kohdan b alakohdalla pidennetään epäsuorasti tätä ajanjaksoa siihen asti, kunnes annetaan 1 a artiklan 5 kohdan c alakohdassa tarkoitettu direktiivi. Saksa, Ranska ja Suomi voivat siten edelleen soveltaa voimassa olevia direktiivin 87/102 liitteen II säännöksistä poikkeavia oikeudellisia säännöksiään ehdotetun direktiiviin antamiseen saakka. Tämän direktiivin täytäntöönpanosta julkaistiin kertomus toukokuussa 1995 [KOM(95)l 17, 11. 5. 1995], ja komissio tarkastelee parhaillaan suhtautumista tähän kertomukseen. Direktiiviin 90/88 tehdyt muutokset voisivat sisältyä kaikkiin myöhemmin tehtäviin lainsäädäntöehdotuksiin. 55 EUROOPAN PARLAMENTIN JA NEUVOSTON DIREKTIIVI 96/ annettu päivänä kuuta 1996 kulutusluottoja koskevien jäsenvaltioiden lakien, asetusten ja hallinnollisten määräysten lähentämisestä annetun direktiivin 87/102 (sellaisena kuin se on muutettuna direktiivillä 90/88) muuttamisesta EUROOPAN PARLAMENTTI JA EUROOPAN UNIONIN NEUVOSTO, jotka ottavat huomioon Euroopan yhteisön perustamissopimuksen ja erityisesti sen 100 a artiklan, ottavat huomioon komission ehdotuksen1, ottavat huomioon talous- ja sosiaalikomitean lausunnon2, toimivat perustamissopimuksen 189 b artiklassa määrätyn menettelyn mukaisesti3, sekä katsovat, että sisämarkkinoiden kuluttajansuojan laskemismenetelmää koko Euroopan yhteisön alueella, ja niiden takaamiseksi on suotavaa käyttää samaa toteuttamisen toiminnan edistämiseksi sekä hyvän todellisen vuosikoron neuvoston direktiivin 87/102/ETY(4) 5 artiklassa säädetään todellisen vuosikoron laskemista koskevan yhteisön menetelmän tai menetelmien käyttöönotosta, laatia yhtenäinen tämän yhtenäisen menetelmän käyttöön ottamiseksi on suotavaa matemaattinen kaava todellisen vuosikoron laskemista ja laskennassa huomioon otettavien luottokustannuserien määrittelemistä varten luettelemalla ne kustannukset, joita ei saa ottaa huomioon, direktiivin 90/88/ETY (5) liitteessä II otetaan käyttöön matemaattinen kaava todellisen vuosikoron laskemiseksi ja direktiivin 90/88 1 artiklan 2 kohdassa säädetään maksujen jättämisestä pois 'kulutusluoton kokonaiskustannusten' laskemisesta, 1 päivänä tammikuuta 1993 alkaneen kolmen vuoden pituisen siirtymäkauden aikana niiden jäsenvaltioiden, joissa ennen 1 päivää maaliskuuta 1990 sovellettiin todellisen vuosikoron laskemisessa muun matemaattisen kaavan käytön sallivia lakeja, sallittiin soveltaa näitä lakeja edelleen, EYVLRo L42, 12. 2. 1987, s. 48 EYVL N:o L 61, 10. 3. 1990, s. 14 ft- komissio on toimittanut neuvostolle kertomuksen (6), jonka ansiosta voidaan kokemuksen perusteella soveltaa yhtenäistä yhteisön matemaattista kaavaa todellisen vuosikoron laskemisessa, koska yksikään jäsenvaltio ei ole käyttänyt hyväkseen direktiivin 1 a artiklan 3 kohtaa, jolla tietyt kustannukset jätetään pois todellisen vuosikoron laskennasta tietyissä jäsenvaltioissa, se on vanhentunut, kahden desimaalin tarkkuus ja 365 / 366 päivän mittaisen vuoden käyttö on välttämätöntä, ja on suotavaa, että kuluttajat voivat tunnistaa eri jäsenvaltioissa 'todellisen vuosikoron' ilmaisemisessa käytetyt käsitteet ja että kaikissa kulutusluottoilmoituksissa ja kuluttajien kanssa tehtävissä kirjallisissa sopimuksissa on nykyisen käsitteen lisäksi käytettävä yhteistä merkkiä kaikkialla Euroopan yhteisön alueella, OVAT ANTANEET TÄMÄN DIREKTIIVIN: KOM (96)79 51 / artikla Kun käsitettä 'todellinen vuosikorko' tai vastaavaa käsitettä muulla yhteisön kielellä käytetään direktiivissä 87/102 edellytetyllä tavalla, sen mukana on oltava seuraava merkki: ft^ ft ft ft ft % ft ft ft & f t^ 2 artikla Korvataan 1 a artiklan 1 kohdan a alakohta seuraavasti: direktiivin kreikankielisessä toisinnossa: "To ovvoXucô erijoLO -npoiynoniKÔ TTOOOOTÔ 6TtL(3âtpvvo"qç TTOV e^touvet eTT/oiapotcrq TLÇ irapoûaeç a £ t eç TOV UUVÔXOU TUV Tpexovo&v f\ [xeXXovTucûv vnoxpeûoeuv (ôave taw, eÇoQXfioecou /cat eiTL^otpOvaewv) TTOV ixovv otvotX^del onto TO ôotvetOTTJ Koti TO (ôoivetÇôiievo) KonotvotXbiTf), vnoXoyiÇtToii oOfKpuva fie TO iictdrtiionmo TOTTO TTOV TrotpocTLÔeTcei OTO irotpotpTrifia I I ". o e direktiivin englanninkielisessä toisinnossa: The annual percentage rate of charge which shall be that rate, on an annual basis which equalises the present value of all commitments (loans, repayments and charges), future or existing, agreed by the creditor and the borrower, shall be calculated in accordance with the mathematical formula set out in Annex (II). Poistetaan 1 a artiklan 3 kohta. Poistetaan 1 a artiklan 5 kohta. Muutetaan 3 artikla seuraavasti: 3 artikla 4 artikla 5 artikla toimitiloissa esillä Jokaisessa ilmoituksessa ja jokaisessa elinkeinonharjoittajan olevassa tarjoudutaan välittämään luottosopimus ja jossa mainitaan korkokanta tai jokin luotosta aiheutuvia maksuja tarjouksessa, tarjotaan luottoa jossa tai sn tarkoittava luku, on myös mainittava todellinen vuosikorko, jonka yhteydessä on oltava tämän direktiivin 1 artiklassa tarkoitettu merkki ja joka voidaan tarvittaessa ilmoittaa havainnollisin esimerkein, jos sen ilmoittaminen muulla tavalla ei olisi käytännöllistä, edellä sanotun kuitenkaan rajoittamatta harhaanjohtavaa mainontaa koskevien jäsenvaltioiden lakien, asetusten ja määräysten lähentämisestä 10 päivänä syyskuuta 1984 annetun neuvoston direktiivin 84/450/ETY, sellaisena kuin se on muutettuna vertailevasta mainonnasta. päivänä. kuuta 1996 annetulla neuvoston direktiivillä, sekä sopimatonta mainontaa koskevien sääntöjen ja periaatteiden soveltamista. Muutetaan 4 artiklan 2 kohdan a alakohta seuraavasti: 6 artikla (a) todellinen vuosikorko sekä tämän direktiivin 1 artiklassa tarkoitettu merkki, 7 artikla Tässä liitteenä olevasta liitteestä I tulee liite II, ja se korvaa direktiivin 87/102 liitteen II (sellaisena kuin se on muutettuna direktiivillä 90/88). 8 artikla Tässä liitteenä olevasta liitteestä II tulee liite III, ja se korvaa direktiivin 87/102 liitteen III (sellaisena kuin se on muutettuna direktiivillä 90/88). 9 artikla 1. Jäsenvaltioiden on saatettava tämän direktiivin noudattamisen edellyttämät lait, asetukset ja hallinnolliset määräykset voimaan viimeistään 31 päivänä joulukuuta 1996 ja niiden on ilmoitettava tästä komissiolle viipymättä. Näissä jäsenvaltioiden antamissa säädöksissä on viitattava tähän direktiiviin tai niihin on liitettävä tällainen viittaus niitä virallisesti julkaistaessa. Jäsenvaltioiden on säädettävä siitä, miten viittaukset tehdään. 2. Jäsenvaltioiden on toimitettava tässä direktiivissä tarkoitetuista seikoista antamansa kansalliset säännökset kirjallisina komissiolle. Tämä direktiivi on osoitettu kaikille jäsenvaltioille. 10 artikla Tehty Brysselissä 1996. & Liite I "Liiteli PERUSYHTÄLÖ, JOKA OSOITTAA YHTÄÄLTÄ LAINAN JA TOISAALTA LYHENNYSTEN JA MAKSUJEN VASTAAVUUDEN: K = m A K' * m' A* K-i (i + if* J T -1 (i + ,y* Kirjainten ja merkkien selitys: K K' AK on lainan numero on lyhennyksen tai maksun numero on lainan K määrä A'K. on lyhennyksen K' määrä £ m m' tK tK. i summaa ilmaiseva merkki on viimeisen lainan numero on viimeisen lyhennyksen tai maksun numero on vuosina ja vuosien murto-osina ilmaistu lainan n:o 1 lainapäivän ja myöhempien lainojen n:ot 2 - m lainapäivien välinen aika on vuosina ja vuosien murto-osina ilmaistu lyhennysten tai maksujen eräpäivien välinen aika lainan n:o 1 lainapäivän ja lainojen n:ot 1 - m' on korkokanta, joka voidaan laskea (joko algebran, perättäisten likiarvojen tai tietokoneohjelman avulla), kun yhtälön muut jäsenet tunnetaan sopimuksen perusteella tai muutoin. Huomautuksia: (a) Eri sopimuspuolten eri ajankohtina maksamien määrien ei tarvitse olla samansuuruisia eikä niitä tarvitse maksaa noudattaen samoja maksuvälejä. (b) Aloitetaan ensimmäisen lainan lainapäivästä. (c) Päivämäärien väliset ajat ilmaistaan laskelmissa vuosina tai vuosien murto-osina. Vuodessa oletetaan olevan 365/6 päivää. (d) Laskelman tulos ilmaistaan kahden desimaalin tarkkuudella. Jos kolmas desimaali on vähintään 5, toisen desimaalin lukuarvoon lisätään 1. " & LIITE II "LIITE ni LASKENTAESIMERKKEJÄ Ensimmäinen esimerkki Lainattu määrä: S - 1 000 ecua 1 päivänä tammikuuta 1994 Se maksetaan takaisin yhtenä 1 200 ecun suuruisena eränä 30 päivänä kesäkuuta 1995 (547 päivän kuluttua lainapäivästä). 1200 547 365 (Ui) Yhtälöksi saadaan. eli 5*7 365 (1+0 1 + i = 1,129444207. « 0,129444207. i Tämä summa pyöristetään 12,94 prosentiksi. Toinen esimerkki Sovittu määrä S = 1000 ecua, mutta luotonantaja pidättää 50 ecua selvitys-ja hallintokuluina, joten laina on itse asiassa 950 ecua; takaisinmaksu, määrältään 1 200 ecua, tapahtuu kuten ensimmäisessä esimerkissä 30 päivänä kesäkuuta 1995. Yhtälöksi saadaan: 547 365 (1+0 = 1,2 950 = eli 1200 547 (1+03* , |g n <1+0 =1200 950 =1,263157 1 + i = 1,1688996 i = 1,1688996 pyöristettynä 16,89 prosentiksi. ÛL Exempel 3 Lanebeloppet är 1 000 ecu som skall âterbetalas med tvâ delbelopp pa vardera 600 ecu, ett respektive tvé âr senare. Ekvationen blir 1000= 6 00 l +l 6 00 + (l+j)73(V365 6 00 = — - +- l+i ^ ( 1 + / )2 Detta loses algebraiskt och resultatet / = 0,1306623 avrundas uppât till 13,07 %. Exempel 4 Lanebeloppet är 1 000 ecu den 1 januari 1994 och beloppen som skall betalas av lantagaren är följande: Efter 3 ménader Efter 6 mânader Efter 12 mânader (0,25 âr) (0,5 âr) (1 âr) Totalt Ekvationen blir 272 ecu 272 ecu 544 ecu 1 088 ecu iooo. _222_—2Z2-*. 5 44 89 (1+0365 180 (1+0365 365 (1+03 65 Med denna ekvation kan man beräkna /genom pâ varandra följande approximeringar vilka kan programmeras pà en fickkalkylator. Resultatet blir /' = 0,13226 dvs. avrundat nedât till 13,23 %. & ISSN 1024-4492 KOM(96) 79 lopullinen ASIAKIRJAT H 10 06 Luettelonumero : CB-CO-96-090-H-C ISBN 92-78-00981-4 Euroopan yhteisöjen virallisten julkaisujen toimisto L-2985 Luxemburg fS