European mortgage directive delayed again
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A key stage in voting through the European mortgage directive has been delayed for the second time.
The European Parliament’s Economic and Monetary Affairs committee was due to vote on its amendments to the legislation at the end of this month, but this has now been delayed until April 24 at the earliest.
A spokeswoman for ECON says: “The rapporteur, Spanish MEP Anrolin Sanchez Presedo, and his shadows will take their time. It is possible the date will move backwards or forwards and it is likely it will change. They need time to discuss the changes.”
ECON is one of two committees scrutinising the directive; the second, the Internal Markets and Consumer Protection, voted through its amendments on December 5 2011.
The regulation has been subject to a whopping 819 amendments from many member states with regulation over buy-to-let of key importance to the British delegation.
This was originally scheduled to take place in November but its delay pushed back ECON’s voting date from December 2011 to February 2012.
ECON’s report is being spearheaded by its rapporteur, Sanchez Presedo.
Vicky Ford, Conservative MEP for the East of England and shadow rapporteur for ECON, says: “The reason for the delay is that it is not clear the rapporteur’s views are being held across all groups in the parliament.
“Using a one size fits all approach is a concern to lots of different MEPs. Sanchez Presedo is taking his time to find the right language.”
Ford adds that she would rather the committee got things right at the cost of a delay, than it rushed the process and ended up making expensive mistakes.
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