On 17 January 2014, the Council of the EU published the revised text (dated 16 January 2014) of the proposed Mortgage Credit Directive (MCD) (also referred to as the proposed Directive on credit agreements relating to residential property (CARRP)).

The key aims of the proposed Directive are to prevent the repetition of the irresponsible lending and borrowing practices that became apparent during the financial crisis, and to create a more efficient and competitive single market for residential mortgages.