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Amending Part II of Annex I to Directive 200848EC 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 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: 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.
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 . Official Journal of the European Union
Article 4: This Directive is addressed to the Member States.
Recitals
Recital 1
The experience gathered by Member States with the implementation of CACD 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.
Recital 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.
Recital 3
Part II of Annex I to CACD should therefore be amended accordingly.
Recital 4
The measures provided for in this Directive are in accordance with the opinion of the Committee set up by Article 25(1) of CACD and neither the European Parliament nor the Council has opposed them,
Annexes
Part II of Annex I to CACD is replaced by the following:
‘II.
The additional assumptions for the calculation of the annual percentage rate of charge shall be as follows:
Footnote p0: Done at Brussels, 14 November 2011.