COMMISSION DIRECTIVE 2011/90/EU
of 14 November 2011
amending Part II of Annex I to Directive 2008/48/EC of the European Parliament and of the Council providing additional assumptions for the calculation of the annual percentage rate of charge
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (1) (the Consumer Credit Directive), and in particular Article 19(5) thereof,
Whereas:
(1)
The experience gathered by Member States with the implementation of Directive 2008/48/EC has shown that the assumptions set out in Part II of Annex I to that Directive do not suffice to calculate the annual percentage rate of charge in a uniform manner and moreover are not adapted any more to the commercial situation at the market.
(2)
It is necessary to add to those assumptions by providing new assumptions on standards for the calculation of the annual percentage rate of charge for credits without fixed duration or repayable in full repeatedly. It is also necessary to provide standards for the timing of the initial drawdown of credit and the payments to be made by the consumer.
(3)
Part II of Annex I to Directive 2008/48/EC should therefore be amended accordingly.
(4)
The measures provided for in this Directive are in accordance with the opinion of the Committee set up by Article 25(1) of Directive 2008/48/EC and neither the European Parliament nor the Council has opposed them,
HAS ADOPTED THIS DIRECTIVE:
Article 1
Part II of Annex I to Directive 2008/48/EC is amended in accordance with the Annex to this Directive.
Article 2
1. Member States shall adopt and publish, by 31 December 2012 at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith inform the Commission thereof.
They shall apply those provisions from 1 January 2013.
When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Article 3
This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
Article 4
This Directive is addressed to the Member States.
Done at Brussels, 14 November 2011.