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Loan Agreement Eur Lex

Article 4, paragraph 2 of Directive 93/13 must be interpreted in the sense that the requirement that a contractual clause be drafted in an intelligible language implies that, in the case of loan contracts, financial institutions must provide borrowers with sufficient information to make prudent and informed decisions. In this regard, this condition means that a maturity within the second of which the loan must be repaid in the same currency as the ones it was included, that the consumer intends both formally and grammatically, including with regard to its actual effects, so that the average consumer, properly informed, sufficiently attentive and cautious, could assess both the possibility of increasing or reducing the value of the foreign currency in which the loan was made, as well as the potential economic consequences of such a clause with respect to its financial commitments. The national court is obliged to carry out the necessary checks for this purpose. – Serbia`s macro-financial assistance (decision 2009/892/EC) in the form of a loan facility of up to 200 million euros. The aim of this aid is to help the authorities meet the remaining external financial and budgetary needs related to the global crisis in the country. It complements the IMF and World Bank programs. This support is expected to be released in 2011, subject to a satisfactory assessment of conditionality requirements. In addition, as has already been mentioned, Serbia`s commitments to the former Federal Republic of Yugoslavia have been reduced by the allocation of part of this aid to Montenegro, in line with the Council`s 2008/784/EC decision. In addition, the Curia refers to an earlier response to question 3 of C-186/16 in the decision of reference, which further specifies the depth of the information to be conveyed to consumers:”3. Article 4, paragraph 2 of Directive 93/13 must be interpreted in the sense that the requirement of a contractual clause must be written in intelligible language requires that, in the case of loan contracts, financial institutions provide borrowers with sufficient information to enable them to make prudent and well-informed decisions.