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Representation of the European Commission in Bulgaria Organizes Discussion on the Topic : “Development of the European Internal Market...

Representation of the European Commission in Bulgaria Organizes Discussion  on the Topic : “Development of the European Internal Market  and the Place of Bulgaria”
The discussion was held with the support of EIBANK with the participation of the EU Commissioner for Consumer Protection Ms. Meglena Kuneva 
A round table on the topic “Development of the European Internal Market and the Place of Bulgaria” was held on February 4th, 2008, at Hotel Hilton. The discussion was organized by the Permanent Representation of the European Commission in Bulgaria with the support of EIBANK and the Bulgarian European Community Studies Association (BECSA).
The round table was opened by Ms. Meglena Kuneva, EU Commissioner for Consumer Protection, who presented the EU Internal Market Review by the European Commission. The discussion was organized in two main parts which covered the topics: “Protection of Financial Services Consumers” and “Participation of Bulgaria in the European Internal Market”. The Directive on Consumer Credit Loans was presented by Ms. Andriana Sukova-Tosheva, member of the cabinet team of the Consumer Protection Commissioner Meglena Kuneva, and representatives of the banking and expert circles in Bulgaria – Ms. Tzvetelina Borislavova, Chairperson of the Supervisory Board of EIBANK; Mr. Rumen Simeonov, BNB Deputy Governor, head of the “Banking Supervision” Department; Levon Hampartzoumian,
Chairman of the Executive Board of the Association of Banks in Bulgaria (ABB) expressed their opinion and valuation of the Directive.
According to Ms. Tzvetelina Borislavova with the Directive on Consumer Credit Loans the European Legislator is making a step forward in its efforts for the harmonization in areas such as rules governing advertising information; standard information required in loan contracts; regulations on premature loan payment and consumers’ right for rejection. “The success of the Directive would be a prerequisite  for the future adoption of the Mortgage Loans Directive.”, Ms. Borislavova said.  She is in the opinion that the Directive will appeal to the consumers with the fact that it provides the opportunity for loan repayment at any time and premises for improved transparency are created. Preventive measures against excessive consumer indebtedness are also envisaged. According to Ms. Borislavova these circumstances could be viewed as positive both for the consumers and the banks.  “The forthcoming transposition of the Directive in the National legislation  of each Member State within two years till its final approval is also important.”, Tzvetelina Borislavova said. She also added that the Consumer Credit Loans Directive provides a step forward towards the unification of consumer lending practices in the EU, the improvement of transparency and the access to standardized information on the terms and conditions for loans, which will further contribute to the increase of trust in the banking sector.
Other official participants in the discussion included Ms. Nina Radeva, Deputy Minister of Economy and Energy; Mr. Kaloyan Simeonov, heading  “Coordination of European Affairs” Department in the Council of Ministers’ administration, member of the BECSA Executive Board, and Ms. Eliana Garces Tolon, member of the cabinet of the Commissioner for Consume Protection, Ms. Meglena Kuneva.