S.L. 378.10 ст. 17AForeign currency loans.

(1) The Director General shall ensure that where a credit agreement relates to a foreign currency loan, an appropriate regulatory framework shall be in place at the time the credit agreement is concluded to ensure that the consumer has a right to convert the credit agreement into an alternative currency under specified conditions.

(2) In accordance with sub-regulation (1), the alternative currency referred to in the preceding sub-regulation shall be:

(a) the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time the most recent creditworthiness assessment in relation to the credit agreement was made; and, or

(b) the currency of the Member State in which the consumer either was resident at the time the credit agreement was concluded or is currently resident.

(3) Where a consumer has a right to convert the credit agreement into an alternative currency in accordance with sub-regulation (1), the exchange rate at which the conversion is carried out shall be the market exchange rate applicable on the day of application for conversion unless otherwise specified in the credit agreement.

(4) Where a consumer has a foreign currency loan, the creditor shall warn the consumer on a regular basis on paper or on another durable medium at least where the value of the total amount payable by the consumer which remains outstanding or of the regular instalments varies by more than 20% from what it would be if the exchange rate between the currency of the credit agreement and the currency of the Member State applicable at the time of the conclusion of the credit agreement were applied. The warning shall inform the consumer of a rise in the total amount payable by the consumer, set out where applicable the right to convert to an alternative currency and the conditions for doing so and explain any other applicable mechanism for limiting the exchange rate risk to which the consumer is exposed.

(5) The arrangements applicable under this regulation shall be disclosed to the consumer in the ESIS and in the credit agreement. Where there is no provision in the credit agreement to limit the exchange rate risk to which the consumer is exposed to a fluctuation in the exchange rate of less than 20%, the ESIS shall include an illustrative example of the impact of a 20% fluctuation in the exchange rate.

(6) The Director General may further regulate foreign currency loans provided that such regulation is not applied with retrospective effect.