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Select Committee on European Legislation Tenth Report
CONSUMER CREDIT: ANNUAL PERCENTAGE RATE OF CHARGE |
2.1 Since we reported on
this proposal on 15 May 1996, we have been kept informed of the
progress of negotiations by letter from the Parliamentary Under-Secretary
of State at the Department of Trade and Industry (Mr John Taylor).
In this Supplementary Explanatory Memorandum he has provided
us with a progress report.
2.2 The Minister tells us
that at the 25 November Consumer Council agreement was reached
on revised proposals which he describes as "broadly acceptable
to the UK". In fact, one revision, that the Annual Percentage
Rate of Charge (APR) will have to be calculated to only one decimal
place, had been sought by the UK. Another, that no symbol would
have to be shown with the APR, will be welcomed by the House of
Lords Select Committee on the European Communities. It was specifically
mentioned by Lord Tordoff, the Chairman, in a letter of 12 June
1996 to the Minister as an undesirable addition to the draft.
2.3 We thank the Minister
for providing us with this report. We are a little surprised
that, even with Christmas and the New Year intervening, it has
taken more than seven weeks to submit the Supplementary Explanatory
Memorandum; and it is regrettable that, nearly two months after
the agreement of 25 November, we have no revised text. We would
be grateful for a copy as soon as possible. Meanwhile, we are
not clearing this document. 4 (17138) -; See HC 51-xix (1995-96), paragraph 6 (15 May 1996). Back |
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| © Parliamentary copyright 1997 | Prepared 31 January 1997 |