Changes in the borrowing rate
Article 23
1. Where creditors are allowed to change borrowing rates of existing credit agreements, Member States shall require that the creditor inform the consumer of any change in the borrowing rate on paper or another durable medium specified in the credit agreement, in good time before the change enters into force. The information referred to in the first subparagraph shall include the amount of the payments to be made after the entry into force of the new borrowing rate and, where the number or frequency of the payments changes, the particulars thereof. 2. By way of derogation from paragraph 1, the information referred to in that paragraph may be given to the consumer periodically where all of the following conditions are fulfilled: (a) the parties have agreed on such periodical information in the credit agreement; (b) the change in the borrowing rate is caused by a change in a reference rate; (c) the new reference rate is made publicly available in a timely manner by appropriate means; (d) the information concerning the new reference rate is also available: (i) at the premises of the creditor; (ii) where the creditor has a website, on that website; and (iii) where the creditor has a mobile application, via that mobile application.