The Bank of Italy has asked banks more transparency with respect to mortgages. From March 1, 2009, in fact, the banks will have to provide their customers with the documentation of transparency regarding the possibility of a loan indexed to the Euribor rate instead of the ECB. A Bank of Italy has in fact been entrusted with the task of provisions 'to ensure appropriate publicity and transparency of the supply' of these loans. To do just that have enacted a number of provisions addressed to watch the national banking system. The banks that offer mortgages, stated in the rules, "are required to prepare documentation of transparency 'will also be provided for customers' disclosure regarding all types of mortgage offered by the bank, to facilitate the choices of the customer to products that might be more suited to his needs. " From March 1, and then, lenders "in addition to the specific documentation for each contract offered 'should prepare a" document containing general information on various types of loans offered. This document must state 'characteristics and risks of traditional lending operations, in a manner which make it easier for customers to understand the main differences between the different products offered. " In addition, it must bear for each of the products' rate of interest (in the case of prediction of a variable rate are given the spread, the benchmark rate and the amount of advertising at the time), the minimum and maximum duration of the loan the repayment conditions and frequency of installments. "
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