The European Commission opened a new case on Thursday to overturn Portugal’s banking rights and gave it another two months to adopt all EU rules on credit managers and buyers.
The Commission has decided to open a new procedure against Portugal in the financial services sector due to the lack of full adoption of the European bloc’s rules on bank recovery and resolution.
The Directive in question concerns the prudential regime for institutions of global systemic importance and the ability of banking groups to absorb losses and recapitalise, improving the ability of the largest banking groups in the EU to withstand financial shocks.
In another infringement action already initiated, the Community Executive, in a reasoned opinion, gave the government a further two-month deadline to complete the full transposition of the directive on credit managers and credit purchasers into national law, under penalty of a fine. The case has been referred to the European Court of Justice.
The Directive requires, for example, that credit purchasers and credit service providers act in good faith, fairly and professionally with borrowers and communicate with them in a manner that is free from harassment, coercion or undue influence.
Author: Lusa
Source: CM Jornal
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