Article 24

Path:
Mortgage Credit Directive (MCD) > CHAPTER 9 > Article 24
Title:
Article 24
Description:
Variable rate credits
Main content:

Where the credit agreement is a variable rate credit, Member States shall ensure that:

(a) any indexes or reference rates used to calculate the borrowing rate are clear, accessible, objective and verifiable by the parties to the credit agreement and the competent authorities; and

(b) historical records of indexes for calculating the borrowing rates are maintained either by the providers of these indexes or the creditors.