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Införandet av en europeisk hypotekslånemarknad och den fria rörligheten av kapital inom EU

Hansson, Magnus LU (2012) JURM01 20121
Department of Law
Abstract
The European Union has long worked to achieve free movement within the internal market. In most areas, work has come a long way but there are exceptions. The mortgage market in the EU, despite significant economic size, is not harmonized, and a number of obstacles to achieve free movement of capital exist.

The focus of the essay is primarily on the harmonization and implementation of a European mortgage market, primarily from a consumer perspective, and on existing obstacles for the free movement of capital.

Many believe that a harmonization of the mortgage market in the EU will lead to considerable savings, as mortgage loans represent a very large proportion of lending in Europe. In order for a harmonized mortgage market to become... (More)
The European Union has long worked to achieve free movement within the internal market. In most areas, work has come a long way but there are exceptions. The mortgage market in the EU, despite significant economic size, is not harmonized, and a number of obstacles to achieve free movement of capital exist.

The focus of the essay is primarily on the harmonization and implementation of a European mortgage market, primarily from a consumer perspective, and on existing obstacles for the free movement of capital.

Many believe that a harmonization of the mortgage market in the EU will lead to considerable savings, as mortgage loans represent a very large proportion of lending in Europe. In order for a harmonized mortgage market to become a reality it is required that obstacles and national differences in several areas of law are eliminated. Consumer protection, registration procedures, the early repayment of loans, lender control, law of property, the APR on loans, and foreclosure are just some of the areas where major differences exist between EU Member States. The supervision of financial companies in the EU is also discussed since it plays a vital role in the harmonization process of the European mortgage market. Several of the above mentioned areas are also politically sensitive.

Existing proposals for harmonization measures, both from the Commission in the form of a White Paper and by independent expert reports, are examined. Eurohypothec, introduced in 2005 in an independent expert's report, is examined in particular since this is one of the most concrete proposals for harmonization measures that exist. The purpose of Eurohypothec is to provide a European standard, meant to facilitate the use of transnational mortgage loans in Europe.

Through the Cassis de Dijon- and Trummer-cases a basic legal framework has been drawn up concerning consumer protection in the mortgage market within the EU. Different aspects of strong and weak consumer protection is discussed as well as the need for the development of EU case law.

The conclusion is that new legislation and further research in a variety of areas is needed in order for free movement in the European mortgage market to become a reality. Moreover, the fact that no one knows exactly how much the process of harmonization in the European mortgage market is going to cost, or how long it will take, must also be taken into account. If costs will be too great or if the process takes too long, the potential benefits of a harmonization could be lost. (Less)
Abstract (Swedish)
Europeiska unionen har länge arbetat för att uppnå fri rörlighet på den inre marknaden. På de flesta områden har arbetet nått långt men det finns undantag. Hypotekslånemarknaden inom EU är, trots betydande ekonomisk storlek, inte harmoniserad och ett flertal hinder mot den fria rörligheten av kapital existerar.

Fokus i uppsatsen ligger framförallt på harmonisering och införande av en europeisk hypoteksmarknad, primärt ur ett konsumentperspektiv, samt på de hinder det i dagsläget finns för den fria rörligheten av kapital.

Många anser att en harmonisering av hypoteksmarknaden inom EU leder till ansenliga besparingar eftersom bostadskrediter utgör en mycket stor del av utlåningen i Europa. För att en harmonisering av hypoteksområdet... (More)
Europeiska unionen har länge arbetat för att uppnå fri rörlighet på den inre marknaden. På de flesta områden har arbetet nått långt men det finns undantag. Hypotekslånemarknaden inom EU är, trots betydande ekonomisk storlek, inte harmoniserad och ett flertal hinder mot den fria rörligheten av kapital existerar.

Fokus i uppsatsen ligger framförallt på harmonisering och införande av en europeisk hypoteksmarknad, primärt ur ett konsumentperspektiv, samt på de hinder det i dagsläget finns för den fria rörligheten av kapital.

Många anser att en harmonisering av hypoteksmarknaden inom EU leder till ansenliga besparingar eftersom bostadskrediter utgör en mycket stor del av utlåningen i Europa. För att en harmonisering av hypoteksområdet ska kunna bli verklighet krävs dock att hinder och nationella skillnader på ett flertal rättsområden undanröjs. Konsumentskydd, registreringsförfaranden, förtida återbetalning av krediter, långivartillsyn, sakrätt, den effektiva räntan på lån och exekutionsförfarande är bara några av de områden där stora olikheter finns mellan EU:s medlemsstater. Tillsynen av finansiella företag i EU diskuteras också då denna spelar en viktig roll i den europeiska hypotekslånemarknadens harmoniseringsprocess. Flera av de områden som nämnts ovan är dessutom politiskt känsliga.

De förslag till harmoniseringsåtgärder som finns i dagsläget, både från kommissionen i form av en vitbok och genom fristående expertrapporter, granskas. Eurohypothec, introducerat 2005 i en oberoende expertrapport, undersöks speciellt, då detta är ett av de mest konkreta förslag till harmoniseringsåtgärder som existerar idag. Syftet med Eurohypothec är att utgöra en europeisk standard, tänkt att underlätta användningen av transnationella hypotekslån inom Europa.

Genom bl.a. Cassis de Dijon- och Trummer-rättsfallen har vissa grundläggande rättsliga ramar dragits upp rörande konsumentskyddet vid hypotek inom EU. Olika aspekter av ett starkt respektive ett svagt konsumentskydd tas upp samt behovet av en EU-rättslig praxisutveckling på området.

Slutsatsen blir att ny lagstiftning och ytterligare forskning på en mängd områden krävs för att fri rörlighet på hypoteksmarknaden inom EU ska bli verklighet. Dessutom bör det faktum att ingen exakt vet hur mycket harmoniseringsprocessen på den europeiska hypoteksmarknaden kommer att kosta, eller hur lång tid den kommer att ta, beaktas. Blir kostnaderna för stora eller om det tar för lång tid är risken att de positiva effekterna med en harmonisering förtas. (Less)
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author
Hansson, Magnus LU
supervisor
organization
alternative title
The introduction of a European mortgage credit market and the free movement of capital within the EU
course
JURM01 20121
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Hypotek, Fria rörligheten av kapital, EU, Eurohypothec
language
Swedish
id
2540722
date added to LUP
2012-08-31 14:37:51
date last changed
2012-08-31 14:37:51
@misc{2540722,
  abstract     = {The European Union has long worked to achieve free movement within the internal market. In most areas, work has come a long way but there are exceptions. The mortgage market in the EU, despite significant economic size, is not harmonized, and a number of obstacles to achieve free movement of capital exist. 

The focus of the essay is primarily on the harmonization and implementation of a European mortgage market, primarily from a consumer perspective, and on existing obstacles for the free movement of capital. 

Many believe that a harmonization of the mortgage market in the EU will lead to considerable savings, as mortgage loans represent a very large proportion of lending in Europe. In order for a harmonized mortgage market to become a reality it is required that obstacles and national differences in several areas of law are eliminated. Consumer protection, registration procedures, the early repayment of loans, lender control, law of property, the APR on loans, and foreclosure are just some of the areas where major differences exist between EU Member States. The supervision of financial companies in the EU is also discussed since it plays a vital role in the harmonization process of the European mortgage market. Several of the above mentioned areas are also politically sensitive. 

Existing proposals for harmonization measures, both from the Commission in the form of a White Paper and by independent expert reports, are examined. Eurohypothec, introduced in 2005 in an independent expert's report, is examined in particular since this is one of the most concrete proposals for harmonization measures that exist. The purpose of Eurohypothec is to provide a European standard, meant to facilitate the use of transnational mortgage loans in Europe. 

Through the Cassis de Dijon- and Trummer-cases a basic legal framework has been drawn up concerning consumer protection in the mortgage market within the EU. Different aspects of strong and weak consumer protection is discussed as well as the need for the development of EU case law. 

The conclusion is that new legislation and further research in a variety of areas is needed in order for free movement in the European mortgage market to become a reality. Moreover, the fact that no one knows exactly how much the process of harmonization in the European mortgage market is going to cost, or how long it will take, must also be taken into account. If costs will be too great or if the process takes too long, the potential benefits of a harmonization could be lost.},
  author       = {Hansson, Magnus},
  keyword      = {Hypotek,Fria rörligheten av kapital,EU,Eurohypothec},
  language     = {swe},
  note         = {Student Paper},
  title        = {Införandet av en europeisk hypotekslånemarknad och den fria rörligheten av kapital inom EU},
  year         = {2012},
}