(1) Where a credit agreement relates to a foreign currency loan, a creditor shall, at the time the credit agreement is concluded, at least ensure that -
(a) the consumer has a right, if conditions specified by the creditor are met, to convert the credit agreement into an alternative currency, or
(b) there are other arrangements in place to limit the exchange rate risk to which the consumer is exposed under the credit agreement.
(2) The creditor may specify the alternative currency referred to in paragraph (1), but it shall be either -
(a) one of the following -
(i) the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time the most recent creditworthiness assessment in relation to the credit agreement was made; or
(ii) the currency of the EEA Member State in which the consumer either was resident at the time the credit agreement was concluded or is currently resident,
or
(b) both of what is referred to in
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