Regulatory Alerts2000-05-06
Urgent Decree of the Minister of the Treasury, Budget and Economic Programming, President of the CICR, of May 6, 2000, No. 502432
The Italian Minister of the Treasury, Budget and Economic Programming, acting as President of the Interministerial Committee for Credit and Savings (CICR), issued Urgent Decree No. 502432 to align national consumer credit regulations with EU Directive 98/7/EC. The decree mandates a standardized calculation method for the Annual Percentage Rate of Charge (APRC), specifying exact time interval definitions, rounding rules, and formula requirements to ensure consistency across the European Union. It also introduces a new annex providing detailed mathematical examples for calculating the APRC based on both calendar days and standard year conventions, while requiring lenders to optionally provide typical examples alongside the APRC when technically feasible.