Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Former Responsible Committee | ECON | PEIJS Karla M.H. ( PPE) | |
Former Responsible Committee | ECON | PEIJS Karla M.H. ( PPE) | |
Former Committee Opinion | JURI | GEBHARDT Evelyne ( PES) | |
Former Committee Opinion | ENVI | KUHN Annemarie ( PES) |
Lead committee dossier:
Legal Basis:
EC before Amsterdam E 100A
Legal Basis:
EC before Amsterdam E 100AEvents
The rapporteur, Mrs Peijs (EPP, NL), welcomed the compromise reached with the Council and stated that the new directive should end the practice of banks applying double charges for the same cross-border transfers. In addition, if the transfer was not successfully completed, compensation of up to ECU 12 500 would be paid. The rapporteur then pointed out that some banks already provided euro transfer services (euro transfers). Finally, the Council had undertaken to set 1 January 1999 as the final deadline for the directive’s entry into force in the Member States. Commissioner Marín purely underlined that the positive outcome of the conciliation procedure would not only lead to immediate benefits for financial operators but would also increase transparency in the sector with regard to the public and the requirements of the single market.
Noting that it was not possible to take over the fourteen amendments to the common position as voted for by Parliament at second reading during its sitting of March 1996, the Council decided to convene the Conciliation Committee under the terms of Article 189b(3) of the Treaty.
The rapporteur, Mrs Peijs (EPP, NL), said that in preparing for monetary union the consumers and SMEs should be protected from the risk of excessive charging in the case of cross-border credit transfers. Commissioner Monti announced that the Commission could take over 11 of the 14 amendments: these were Amendments Nos 1 to 9, 11 and 14; it would also accept Nos 10 and 12 in part, but rejected, for technical reasons and for the purpose of legislative consistency, Amendment No 13 relating to the four-week harmonised period for following-up complaints and to the compulsory advertising of the list of those bodies that had been set up to provide help to consumers.
On 31 May 1995 the Economic and Social Committee unanimously adopted an Opinion (ESC 573/95) on ‘EU Funds Transfers: Transparency, Performance and Stability’, which followed on from a Council consultation. On 6 June 1995 the Commission had presented an ‘Amended proposal for a European Parliament and Council Directive on EU credit transfers’, which, as the Commission itself stated, ‘takes largely into account the proposals of the Committee’. The ESC considered, however, that the directive could gain in precision and in balance if two amendments suggested in the earlier Opinion were adopted (the Commission did not adopt them in the amended proposal). This Opinion therefore sought to reiterate the ESC’s proposals on the obligation to execute transfers in good time (Article 5) and the obligation of institutions to refund in cases of non-completed credit transfers (Article 7).
The Council considered the main problem regarding this proposal for a directive on cross-border credit transfers, i.e. defining the scope of the directive. This proposal was presented by the Commission in November 1994 after it had become apparent that the banking sector’s ‘voluntary’ approach had failed to produce progress towards a rapid and efficient system of transfers and the elimination of abusive charges. It was in line with both the completion of the internal market and the implementation of EMU, and was part of a broader policy advocated by the Commission to put the system of cross-border payments within the EU on a par with the best national systems. The question regarding the scope is whether to limit it by setting a ceiling for all provisions of the directive. It proved impossible to find a solution on this basis in view of Member States’ widely divergent positions. In these circumstances the Presidency proposed a dual-ceiling compromise - with a relatively modest amount for the guarantee required from banks for refunding customers in the event of non-execution of transfers, and - a substantially higher amount for the other obligations stemming from the directive. Some progress was made on this basis but no definitive outcome was reached. The Council concluded by instructing Coreper to continue work in order to submit a solution that might be adopted.
The proposal for a directive, which sought to regulate intra-Community (rather than cross-border) transfers, was linked to the problem of competition. The ESC appreciated the Commission’s efforts to improve the transparency and quality of the implementation of these transfers, by providing a minimum frame of reference and general rules in accordance with the principles of the internal market. It noted, however, that in one respect the draft Directive differed significantly from the plans repeatedly expressed by the Commission: whereas it had been repeatedly stated that the rules were intended to assist consumers and SMEs to transfer funds easily in the internal market, the document under review aimed to improve cross-border transfer services for ‘citizens and businesses’, which implied that the directive should extend to all payments, and especially high-value and urgent transfers. The Opinion also highlighted an inconsistency between the declared aim of the proposal for a directive, which was to prepare the way for economic and monetary union, and its scope, which included credit transfers denominated in third-country currencies, which would not be absorbed by the single currency. The ESC thus called for the scope of the directive to be confined to the currencies of the EU countries, including the ecu, and to transfers sent from one EU country to another EU country. As regards the draft communication, the ESC noted that in various parts of the document terms and concepts were used which were too vague and likely to give rise to doubts, not certainty. It thus recommended reviewing the text to make it clearer and allow minimum scope for interpretation by the parties concerned. It also stressed that the provisions should cover not only banks but also any other institution offering payment services to the public.
Commissioner MONTI outlined the Commission’s position on Parliament’s amendments: Amendments Nos 1, 2, 4, 6, 7, 9, 11, 12, 13, 15, 19, 20 and 22 were taken over in full; Amendments Nos 5, 10, 14, 16, 18 and 21 were taken over in part or in substance. Further details: Amendments Nos 5, 23 and 25 could not be taken over as they changed the scope of the Directive by concentrating solely on payments up to ECU 50 000; Amendment No 10, which introduced a standard format for information to customers, did not take account of the different advertising techniques; Amendment No 14, which limited compensation to cases in which the delay was attributable to the beneficiary’s institution, neglected the responsibility of the agents; Amendments Nos 16 and 18, which deleted the phrase ‘without prejudice to demands for compensation’, left a degree of uncertainty surrounding any specific reference to possible subsequent rights recognised by national law; finally, as regards the question of changing the monetary limits of the transfers covered by the Directive, Mr Monti preferred to deal with this matter elsewhere; Amendments Nos 3, 8 and 17 could not be taken over as they stood: Amendment No 3 because it limited the scope of the Directive by reducing the level of protection of consumers and small and medium-sized enterprises; Amendment No 8 because the term ‘receipt’ as introduced could lead to legal uncertainty; Amendment No 17 for the same reasons as Amendments Nos 16 and 18; Amendment No 27 was superfluous as its content was covered by Amendment No 20, which provided for a general derogation.
Documents
- Follow-up document: COM(2002)0663
- Follow-up document: EUR-Lex
- Final act published in Official Journal: Directive 1997/5
- Final act published in Official Journal: OJ L 043 14.02.1997, p. 0025
- Text adopted by Parliament, 3rd reading: OJ C 033 03.02.1997, p. 0058-0077
- Text adopted by Parliament, 3rd reading: T4-0010/1997
- Decision by Parliament, 3rd reading: T4-0010/1997
- Debate in Parliament: Debate in Parliament
- Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading: A4-0004/1997
- Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading: OJ C 033 03.02.1997, p. 0023
- Report tabled for plenary, 3rd reading: A4-0004/1997
- Joint text approved by Conciliation Committee co-chairs: 3632/1996
- Joint text approved by Conciliation Committee co-chairs: 3632/1996
- Commission opinion on Parliament's position at 2nd reading: EUR-Lex
- Commission opinion on Parliament's position at 2nd reading: COM(1996)0172
- Text adopted by Parliament, 2nd reading: OJ C 096 01.04.1996, p. 0012-0074
- Text adopted by Parliament, 2nd reading: T4-0117/1996
- Decision by Parliament, 2nd reading: T4-0117/1996
- Debate in Parliament: Debate in Parliament
- Committee recommendation tabled for plenary, 2nd reading: A4-0033/1996
- Committee recommendation tabled for plenary, 2nd reading: OJ C 078 18.03.1996, p. 0003
- Committee recommendation tabled for plenary, 2nd reading: A4-0033/1996
- Committee draft report: PE215.629
- Committee draft report: PE215.629/REV
- Commission communication on Council's position: EUR-Lex
- Commission communication on Council's position: SEC(1995)1976
- Council position: 11262/1/1995
- Council position: OJ C 353 30.12.1995, p. 0052
- Council position published: 11262/1/1995
- Economic and Social Committee: opinion, report: CES0962/1995
- Economic and Social Committee: opinion, report: OJ C 301 13.11.1995, p. 0001
- Debate in Council: 1863
- Modified legislative proposal: EUR-Lex
- Modified legislative proposal: OJ C 199 03.08.1995, p. 0016
- Modified legislative proposal: COM(1995)0264
- Modified legislative proposal published: EUR-Lex
- Modified legislative proposal published: COM(1995)0264
- Economic and Social Committee: opinion, report: CES0573/1995
- Economic and Social Committee: opinion, report: OJ C 236 11.09.1995, p. 0001
- Text adopted by Parliament, 1st reading/single reading: OJ C 151 19.06.1995, p. 0358-0370
- Text adopted by Parliament, 1st reading/single reading: T4-0262/1995
- Decision by Parliament, 1st reading/single reading: T4-0262/1995
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, 1st reading/single reading: OJ C 151 19.06.1995, p. 0002
- Committee report tabled for plenary, 1st reading/single reading: A4-0089/1995
- Committee report tabled for plenary, 1st reading/single reading: A4-0089/1995
- Committee opinion: PE210.963/DEF
- Debate in Council: 1838
- Committee opinion: PE211.733/DEF
- Committee draft report: PE211.598
- Legislative proposal: EUR-Lex
- Legislative proposal: OJ C 360 17.12.1994, p. 0013
- Legislative proposal: COM(1994)0436
- Legislative proposal published: EUR-Lex
- Legislative proposal published: COM(1994)0436
- Legislative proposal: EUR-Lex OJ C 360 17.12.1994, p. 0013 COM(1994)0436
- Committee draft report: PE211.598
- Committee opinion: PE211.733/DEF
- Committee opinion: PE210.963/DEF
- Committee report tabled for plenary, 1st reading/single reading: OJ C 151 19.06.1995, p. 0002 A4-0089/1995
- Text adopted by Parliament, 1st reading/single reading: OJ C 151 19.06.1995, p. 0358-0370 T4-0262/1995
- Economic and Social Committee: opinion, report: CES0573/1995 OJ C 236 11.09.1995, p. 0001
- Modified legislative proposal: EUR-Lex OJ C 199 03.08.1995, p. 0016 COM(1995)0264
- Economic and Social Committee: opinion, report: CES0962/1995 OJ C 301 13.11.1995, p. 0001
- Council position: 11262/1/1995 OJ C 353 30.12.1995, p. 0052
- Commission communication on Council's position: EUR-Lex SEC(1995)1976
- Committee draft report: PE215.629/REV
- Committee draft report: PE215.629
- Committee recommendation tabled for plenary, 2nd reading: A4-0033/1996 OJ C 078 18.03.1996, p. 0003
- Text adopted by Parliament, 2nd reading: OJ C 096 01.04.1996, p. 0012-0074 T4-0117/1996
- Commission opinion on Parliament's position at 2nd reading: EUR-Lex COM(1996)0172
- Joint text approved by Conciliation Committee co-chairs: 3632/1996
- Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading: A4-0004/1997 OJ C 033 03.02.1997, p. 0023
- Text adopted by Parliament, 3rd reading: OJ C 033 03.02.1997, p. 0058-0077 T4-0010/1997
- Follow-up document: COM(2002)0663 EUR-Lex
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