McCreevy planning overhaul of EU mortgage-lending market
30/12/2004 - 09:45:32Ireland's European Commission, Charlie McCreevy, is planning to overhaul the internal EU market for mortgage-lending.
Mr McCreevy, the Internal Market Commissioner, is planning to deregulate the market to make home loans easily available from any of the 25 EU member states in an effort to boost competition.
Speaking about the plan, the former Irish Minister for Finance said €4 trillion was loaned for home-buying within the 25 member states every year, but just 1% of this was for properties in another country.
"The reality is there's not really a true internal market in mortgage lending," he said.
"If there's a true internal market, that will make for greater competition, that will be good for the consumer, because he or she will get lower prices, better service, etc."
