91998E3864

WRITTEN QUESTION P-3864/98

by Christa Randzio-Plath (PSE) to the Commission

(9 December 1998)

Subject: European Parliament and Council Directive on cross-border credit transfers

What is the state of play as regards implementation of Directive 97/5/EC(1) of the European Parliament and of the Council on cross-border credit transfers, and why, given that the euro is to be introduced on 1 January 1999, is the Commission not doing more to ensure that the Directive is implemented and that the necessary preparations are made in the Member States?

Answer given by Mr Monti on behalf of the Commission

(28 January 1999)

Directive 97/5/EC must be transposed into national law by 14 August 1999. The Member States had in fact made a political commitment to adapt their legislation to the Directive before 1 January 1999. In most cases, however, they did not do so, and, in view of the purely political nature of the said commitment, they cannot be legally compelled to honour it. At a meeting with the Member States organised by the Commission at the end of October 1998 to discuss the state of play, the above-mentioned situation became clear. The Commission intends to organise further meetings on this matter at the beginning of 1999. It should be pointed out that this Directive ought to be implemented in all the Member States at the same time if possible, given that it provides for cross-border solutions.

Finally, it should be borne in mind that improvements in carrying out credit transfers, which are urgently needed for the third stage of monetary union, are dependent not only on the implementation of Directive 97/5/EC, but also on a more effective network of automated mass transfer systems. The Commission is in constant contact with the credit sector to discuss possibilities for making such improvements. In its recent communication entitled "Financial services: building a framework for action"(2), the Commission explained that it would particularly like to encourage the banking sector to set up cross-border links between the automated clearing houses, which in most Member States are very effective in dealing with domestic payments, but are not linked up for cross-border transfers.

(1) OJ L 43, 14.2.1997, p. 25.

(2) COM(98) 625 final.