51996AP0033

A4-0033/96

Decision on the common position established by the Council with a view to the adoption of a European Parliament and Council Directive on cross-border credit transfers (C4-0579/95 - 94/0242(COD))

(Codecision procedure: second reading)

The European Parliament,

- having regard to the common position of the Council, C4-0579/95 - 94/0242(COD) (( OJ C 353, 30.12.1995, p. 52.)),

- having regard to its opinion at first reading ((OJ C 151, 19.6.1995, p. 370.)) on the Commission proposal to Parliament and the Council, COM(94)0436 ((OJ C 360, 17.12.1994, p. 13.)),

- having regard to the amended Commission proposal, COM(95)0264 ((OJ C 199, 3.8.1995, p. 16.)),

- having regard to the Commission notice on the application of the EC competition rules to cross-border credit transfers, SEC(95)1403 (( OJ C 251, 27.09.1995, p. 3)),

- having regard to Article 189b(2) of the EC Treaty,

- having regard to Rule 72 of its Rules of Procedure,

- having regard to the recommendation for second reading of the Committee on Economic and Monetary Affairs and Industrial Policy (A4-0033/96),

1. Amends the common position as follows;

2. Calls on the Commission to support Parliament's amendments in the opinion it is required to deliver pursuant to Article 189b(2)(d) of the EC Treaty;

3. Calls on the Council to approve all Parliament's amendments, amend its common position accordingly and definitively adopt the act;

4. Instructs its President to forward this decision to the Council and Commission.

(Amendment 1)

Recital 2

>Original text>

(2) Whereas it is of paramount importance for individuals and businesses, especially small and medium-sized enterprises, to be able to make credit transfers rapidly, reliably and cheaply from one part of the Community to another; whereas greater competition in the market for cross-border credit transfers should lead to improved services and reduced prices;

>Text following EP vote>

(2) Whereas it is essential for individuals and businesses, especially small and medium-sized enterprises, to be able to make credit transfers rapidly, reliably and cheaply from one part of the Community to another; whereas, in conformity with the Commission Notice on the application of the EC competition rules to cross-border credit transfers(1), greater competition in the market for cross-border credit transfers should lead to improved services and reduced prices;

1 OJ C 251, 27.19.1995, p. 3.

(Amendment 2)

Recital 7

>Original text>

(7) Whereas, in line with the objectives set out in the second recital, this Directive should apply to any credit transfer of an amount less than ECU 25 000; whereas that amount should be increased to ECU 30 000 two years after the final implementation date for this Directive;

>Text following EP vote>

(7) Whereas, in line with the objectives set out in recital 2, this Directive should apply to any credit transfer of an amount of less than ECU 50 000; whereas institutions should be under an obligation to refund in the case of a non-completed transfer;

(Amendment 3)

Recital 11

>Original text>

(11) Whereas there should be an obligation upon institutions to refund in the event of non-execution of a credit transfer; whereas the obligation to refund imposes a contingent liability on institutions which might, in the absence of a limit, have a prejudicial effect on the solvency requirement; whereas that obligation to refund should therefore be applicable to ECU 10 000;

>Text following EP vote>

(11) Whereas there should be an obligation upon institutions to refund in the event of a failure to successfully complete a credit transfer; whereas the obligation to refund imposes a contingent liability on institutions which might, in the absence of any limit, have a prejudicial effect on solvency requirements; whereas that obligation to refund should therefore be applicable to ECU 20 000;

(Amendment 4)

Recital 14a (new)

>Text following EP vote>

(14a) Whereas adequate and appropriate complaints and redress procedures relating to the areas covered by this Directive should be available to afford the customer better protection, using existing procedures where available;

(Amendment 5)

Article 1

>Original text>

1. The provisions of this Directive shall apply to cross-border credit transfers ordered by persons other than those covered by Article 2(a), (b) and (c) and executed by credit institutions and other institutions.

>Text following EP vote>

1. The provisions of this Directive shall apply to cross-border credit transfers in the currencies of the Member States and the ECU up to the equivalent of ECU 50 000 ordered by persons other than those referred to in Article 2(a), (b) and (c) and executed by credit institutions and other institutions.

>Original text>

2. Until two years after the date of implementation of this Directive, this Directive shall apply to cross-border credit transfers in the currencies of the Member States and in ECUs of amounts less than ECU 25 000. After that date, this Directive shall apply to cross-border credit transfers in the currencies of the Member States and in ECUs of amounts less than ECU 30 000.

>Text following EP vote>

Deleted

(Amendment 6)

Article 3, introduction

>Original text>

Member States shall ensure that institutions make available to their actual and prospective customers in writing, including where appropriate by electronic means, and in a readily comprehensible form, information on conditions for cross-border credit transfers. This information shall include at least:

>Text following EP vote>

The institutions shall make available to their actual and prospective customers in writing, including where appropriate by electronic means, and in a readily comprehensible form, information on conditions for cross-border credit transfers. This information shall include at least:

(Amendment 7)

Article 4, introduction

>Original text>

Member States shall ensure that institutions supply their customers, unless the latter expressly forgo this, subsequent to the execution or receipt of a cross- border credit transfer, with clear information in writing, including where appropriate by electronic means, and in a readily comprehensible form. This information shall include at least:

>Text following EP vote>

The institutions shall supply their customers, unless the latter expressly forgo this, subsequent to the execution or receipt of a cross-border credit transfer, with clear information in writing, including where appropriate by electronic means, and in a readily comprehensible form. This information shall include at least:

(Amendment 8)

Article 8(1), first subparagraph, introduction

>Original text>

1. If, after a cross-border credit transfer order has been accepted by the originator's institution, the relevant amounts are not credited to the account of the beneficiary's institution, without prejudice to any other claim which may be made, the originator's institution shall credit the originator up to ECU 10 000, with the amount of the cross-border credit transfer plus:

>Text following EP vote>

1. If, after a cross-border credit transfer order has been accepted by the originator's institution, the relevant amounts are not, for any reason, credited to the account of the beneficiary's institution, and without prejudice to any other claim which may be made, the originator's institution shall credit the originator up to ECU 20 000, with the amount of the cross-border credit transfer plus:

(Amendment 9)

Article 8(2)

>Original text>

2. By way of derogation from paragraph 1, if the cross-border credit transfer was not completed because of its non-execution by an intermediary institution chosen by the beneficiary's institution, the latter institution shall be obliged to make the funds corresponding to the amount of the transfer available to the beneficiary.

>Text following EP vote>

2. By way of derogation from paragraph 1, if the cross-border credit transfer was not completed because of its non-execution by an intermediary institution chosen by the beneficiary's institution, the latter institution shall be obliged to make available to the beneficiary the funds up to ECU 20 000.

(Amendment 10)

Article 8(3), second subparagraph

>Original text>

Where the amount has been recovered by the originator's institution, it shall credit it to the originator subject to any deduction of costs arising from the recovery.

>Text following EP vote>

Where the amount has been recovered by the originator's institution, it shall be obliged to credit it to the originator. The institutions are not obliged in this case to refund the charges and interest accruing, and can deduct the costs arising from the recovery if proved.

(Amendment 11)

Article (3a) (new)

>Text following EP vote>

3a. Without prejudice to paragraphs 1 and 2, Member States and/or institutions which participate in the execution of cross-border transfers may provide that refunds be made of a non-completed cross-border credit transfer, where the amount exceeds ECU 20 000.

(Amendment 12)

Article 10

>Original text>

Member States shall ensure that there are adequate and effective means for the settlement of possible disputes between an originator and his institution or between a beneficiary and his institution.

>Text following EP vote>

1. Member States shall ensure that there are adequate and appropriate complaints and redress procedures relating to the areas covered by this Directive available to afford the customer better protection, using existing procedures where available.

(Amendment 13)

Article 10(2) (new)

>Text following EP vote>

2. If a complaint has not been remedied or a decision has not been taken on it within four weeks after the first complaint, complainants may approach one of the complaint and redress offices to be set up for this purpose, or may use existing procedures where available.

A list of addresses of such offices shall be available at all institutions carrying out cross-border credit transfers under this Directive.

(Amendment 14)

Article 11(1), first subparagraph

>Original text>

1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by ...* at the latest. They shall forthwith inform the Commission thereof.

* Thirty months after the date this Directive enters into force.

>Text following EP vote>

1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by ...* at the latest. They shall forthwith inform the Commission thereof.

* Eighteen months after the date on which this Directive enters into force.