Opinion of the Advocate General — ECLI:EU:C:2005:230
Date: 2005-04-14
Language of the case: Greek
Based on: Treaty establishing the European Economic Community (1957)
Subject matter: Free movement of capital
Procedure: Reference for a preliminary ruling
Origin: Greece

Summary of the Judgment Free movement of capital — Liberalisation of capital movements — Transactions eligible for general permission for the conclusion or performance of transactions or for transfers between residents of Member States under Article 2 of the Directive of 11 May 1960 — Acquisition of bonds dealt in and quoted on a stock exchange — Included — Method of financing the acquisition — No effect (Council Directive of 11 May 1960, Art. 2 and Annex I, List B, Item IV A and List D, Items VI and IX) Bonds denominated in national currency for a term of one year from their issue, dealt in and quoted on a stock exchange, issued by a bank established in a Member State and belonging to that State, fall within ‘securities dealt in on a stock exchange’ referred to in List B, Item IV A of Annex I to the Directive of 11 May 1960 for the implementation of Article 67 of the Treaty, and not within ‘short-term investments in Treasury bills and other securities normally dealt in on the money market’ referred to in List D, Item VI of that annex. The acquisition of those bonds and the proceeds of their liquidation are governed by Article 2 of that directive, which refers to List B of Annex I, which provides for the repatriation of those proceeds. Those securities can, as provided for in Article 2, be granted general permission by the Member State concerned for the conclusion or performance of transactions or for transfers between residents of Member States. The fact that an acquisition of such bonds was financed using balances on current or deposit account with a credit institution, even if falling within List D, Item IX of that annex, cannot have an influence on the classification of the capital movement in question under List B, Item IV A. (see paras 27, 34, 37, operative part 1-2)