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European Commission Sues Seven Member States Including Austria for Failure to Implement the NPL Directive
The European Commission has filed a complaint against Austria and six other EU Member States with the European Court of Justice (ECJ). The reason: these countries have not transposed the EU Non-Performing Loans (NPL) Directive into national law on time.
In addition to Austria, Bulgaria, Spain, Hungary, the Netherlands, Portugal, and Finland are also affected by the Commission's legal move. They now face financial sanctions. / Picture: © Marina bauer, CC BY-SA 4.0 , via Wikimedia Commons
The EU directive should have been transposed into national law by the end of 2023. It aims to create a functioning secondary market for non-performing loans. This is to be achieved through clear rules for the authorization and supervision of loan buyers and service providers. In addition, uniform criteria are to facilitate the cross-border marketing of such loans. These measures are…
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