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publish the monitoring arrangements on "Mortgage Loans for the purchase of a principal. Transparency provisions under Decree No. 185/2008 "released by the Bank of Italy. According

provided for in Article 2, paragraph 5 of Law Decree 29 November 2008, No 185, containing "Urgent measures to support families, jobs, employment and enterprise, and an anti-crisis reshape the national strategic framework," in the process of conversion (hereafter, "Decree-Law ') (1 ), starting from 1 January 2009, banks that offer loans secured by mortgages for the purchase of the main (henceforth, "loans") are required to guarantee customers the opportunity to enter into such contracts a variable rate indexed to the rate on main refinancing operations of the European Central Bank. The overall rate applied in such contracts must be in line with the rate charged for other forms of indexing offers.
The Bank of Italy is entrusted to enact regulations to ensure adequate publicity and transparency in the provision of such contracts and related conditions.
In this regard, banks that offer mortgages are required to prepare, with reference to the new contract mentioned in the introduction with effect from 1 January 2009, documentation of transparency in accordance with the applicable provisions (2). Considering also the complexity and diversity of the types of loan offered by banks, which adds time, necessarily, that introduced by decree, and in order to better publicize the existence the latter part of the range of offerings of the bank, it is considered that disclosure is provided to customers on all types of mortgage offered by the bank, to facilitate the choices of customers to products that are potentially more suited to your needs .
Therefore, with effect from 1 March 2009, banks that offer mortgages in Italy put in place - in addition to the specific documentation for each contract offered, made under existing rules on transparency in contractual relationships (3) - a document containing information general information about the different types of mortgages offered, such as:
a) lists all the mortgage products offered by the bank, making referring to the respective data sheets for the communication of economic and contractual conditions relating specifically to the products in question;
b) indicates clearly the characteristics and risks inherent in the lending operations referred to in paragraph a), in a manner to facilitate the customer understanding of the main differences between the different products offered. The document also, for each of the products in question, at least: i) the rate of interest (in the case of prediction of a variable rate, are given the spread, the benchmark rate and the amount at time of publication, with the caveat that this is merely an example) (4), ii) the minimum and maximum mortgage; iii) the repayment conditions iv) the frequency of installments;
c) is made available to the customer in the cases and manner provided for the sheets (5);
d) shall be sent, at the first Regular reporting net income (but no later than April 15, 2009), to customers who have a loan outstanding with the bank.

(1) Published in the ordinary supplement to the "Official Gazette" No. 280, November 29, 2008 - General Series.
(2) Title VI of the Banking Law, Section IV-bis of Title III, Part III of the Consumer Code, March 4, 2003 decision of the ICRC, education supervisor for banks, Title X, Chapter 1.
(3) See footnote 2.
(4) The values \u200b\u200bcan also be reported to their maximum.
(5) Title X, Chapter 1, Section II, paragraphs 3, 4 and 5 of the instructions of supervision for banks. See also the details published in the Bulletin of Supervision No 12 of 2005.

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