ABI and 16 Consumer Protection Associations operating in Italy signed the Agreement concerning the early repayment of mortgage loans on May 2nd 2007. The Agreement identifies the maximum early repayment charge applicable to mortgage contracts. This agreement was the outcome of a long process, whereunder regular meetings were held between ABI’s experts and Consumer Associations, to define a common position on the matter. This paper was designed so as to allow both banks and consumers to identify the maximum early repayment charge applicable to each type of contract.
When the Agreement was in the process of being signed, the Management Committee regarding the ABI - Consumer Associations Agreement was established with the aim of ensuring a correct interpretation and application of the provisions. The Committee is composed of representatives appointed by ABI and Consumer Associations.