OREANDA-NEWS. September 01, 2009. Parex banka has signed up to the Code of Conduct on housing loans, undertaking to implement it by 1 July 2010. The purpose of the Code of Conduct* is to guarantee that consumers receive transparent and comparable information on housing loans in order to encourage cross-border competition, reported the press-centre of Parex banka.

The Head of Customer Service Department Agnese Paegle says: “Once the Bank resumes mortgage lending, our customers will have a guarantee that Parex banka operates according to the best practice and standards of the European Union, providing complete information about lending terms before the conclusion of the agreement.”

Banks determined to implement the Code of Ethics must publish it in the informative materials of the bank, as well as provide its branches with general information made available to customers about the loan products and lending terms, including the main payment conditions. The information volume and manner of presentation are standardized in order to allow customers make an informed choice in line with their needs.

The European Commission controls the implementation and efficiency of the Code.

Currently, 21 European states have committed to the Code of Conduct, developed by the European Mortgage Federation. Parex banka is among the first Latvian banks that have signed up to the Code. Since 30 September 2002, more than 3600 institutions issuing housing loans have joined the Code.

Additional information about the Code of Conduct is available at: http://ec.europa.eu/internal_market/finservices-retail/home-loans/code_en.htm.