CONSUMER FINANCE

Better Products, More Choice

#MyMoneyEU

KEY FACTS ON CROSS-BORDER CONSUMER FINANCE IN EUROPE

1 in 3 Europeans live in But fewer than 3% of European consumers

regions bordering other purchase banking products such as credit cards,
Member States current accounts and mortgages from another
Member State
13.6 million EU citizens live in another EU
Member State When it comes to consumer credit, Europeans buy
only 5% of their loans from abroad

WHAT IS CONSUMER FINANCE?

Payment services Current and Car, Life, Health and Mortgages and
and credit cards Savings accounts Home insurance other loans

WHAT IS THE AIM OF THE COMMISSIONS CONSULTATION?

Help consumers Help financial services providers

know what financial products are available and
have confidence in those products
buy financial products in other Member States
with good consumer protection
access financial services from anywhere in Europe
sell their products in other Member States
meet the challenges and opportunities of online
technology
deal with different regulatory requirements in
other Member States
 HOW FINANCIAL PRODUCT PRICES DIFFER IN THE EU

439

308 289
Annual car 237 234
insurance 193 183
157 153 143 141
premiums 99
66

IT BE NL DE EL HR ES FI SI FR PT CZ HU

113.9

Annual credit 52.5

45.6 41 39.7
card fees
25 19.2
12 9.1
0
SK IT FR ES DE BE SI NL RO UK

12.9
12.1
10.6
10
9.1 8.8 8.6 8.4 8 7.5
7.2
Annual car
loan rates
2.7 2.2

EL SK RO ES IT DK UK SI PL DE NL FR BE

8.5

6.6

Annual 4.7
4.1
mortgage 3.4 3.4 3.1 2.9 2.8 2.7 2.6 2.5
rates 1.8

HU BG RO PL IE SK UK ES IT FR DK DE FI

Sources:

Annual car insurance premiums: average mandatory third party liability premiums (Insurance Europe, November 2015)
Annual credit card fees : average fee (FSUG, 2015. Indicative data only)
Annual car loan rates: average rate (10 000, maturity 4 years, 20 year old debtor) (FSUG, 2015. Indicative data only)
Annual mortgage rates: interest rates on new residential mortgage loans by quarter from 2012-2014 (European Mortgage Federation)