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Internal Market: ESA closes investigation of Icelandic consumer loans




Today, the EFTA Surveillance Authority (ESA) has completed its review of a complaint concerning consumer loans in Iceland. ESA closes the case as the relevant directive is correctly implemented in Iceland and the old directive is no longer in force. Cash

“ESA has no grounds for pursuing this complaint further. The directive forming the basis of the complaint and the legislation implementing it is no longer in force in the EEA or in Iceland,” says Mr. Högni S. Kristjánsson, ESA College member.

The complaint concerned the implementation and interpretation of directives 2008/48/EC and 87/108/EEC and indexed consumer loans in Iceland. The complainant argued that the interpretation of the law was not in line with Iceland's EEA obligations to provide consumers with detailed information about borrowing costs and indexation.

ESA received the complaint in November 2016, which is after a new directive on consumer loans took effect and new laws came into force in Iceland. ESA's conclusion is that the new directive has been correctly implemented in Iceland as the current laws require the creditor to inform the applicant about the costs. For this reason, ESA cannot pursue the case further.

Find ESA's decision here

For further information, please contact:

Ásta Sigrún Magnúsdóttir
Communications officer
tel. +32 2 286 18 78
mob. +32 490 57 63 59

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