taxud/2414/08 - European Commission - Europa

(3) record keeping, arrangement and monitoring of payments made for a credit;
During the period of application of the contract these services allow the tracking of the
constantly changing financial situation and possibly also the legal situation with the
instalments being paid or not being paid as provided for by the contract. Where
instalments are not paid as provided for, the creditor might opt for exercising his right of
claiming back the credited amount immediately or to commercialise distrainors;
(4) the issuance of credit derivatives;
These are services supplying a financial contract whose payoffs over a period of time are
derived from the performance of credits. This performance can determine both, the
amount and the timing of the payoffs; these payoffs can be in cash or in the cession of the
underlying credit/(s);
(5) valuation of non-financial collateral.
Such services consist of the valuation of real values such as mortgages, motor cars,
trademarks etc.; these are services required for assessing whether it is possible to enter
into a credit contract and under which conditions or whether he can continue the
contract; as such they change the change the legal and financial situation of a credit.
Article 16
1. The following shall be considered to be services having the specific and essential
character of "guaranteeing of debts" as defined in point (3) of Article 135a of Directive
2006/112/EC:
(a)
arrangement and monitoring of means for guaranteeing a debt;
These are services which the supplier carries out as a part of fulfilling his contractual
obligations and prove his rights under the contracts; they change the financial and legal
situation;
(b)
credit guaranteeing derivatives.
These are services supplying a financial contract whose payoffs over a period of time are
derived from the performance of credits. This performance can determine both, the
amount and the timing of the payoffs; these payoffs can be in cash or in the cession of the
underlying credit/(s);
2. The sale of repossessions after mortgage default shall not be considered to be a
service having the specific and essential character of "guaranteeing of debts" as defined
in point (3) of Article 135a of Directive 2006/112/EC.
Sales of repossessions after mortgage default represent the utilisation of the means used
for safeguarding a credit when a granted credit has become default;
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