Opinion of the Advocate General — ECLI:EU:C:2004:187
Date: 2004-03-25
Language of the case: French
Based on: Treaty establishing the European Economic Community (1957)
Subject matter: Right of establishment;Freedom to provide services
Procedure: Reference for a preliminary ruling
Origin: France

Summary of the Judgment Freedom of movement for persons – Freedom of establishment – Credit institutions – National legislation prohibiting the payment of remuneration on sight accounts – Not permitted – Justification – None (Art. 43 EC) Article 43 EC precludes legislation of a Member State which prohibits a credit institution which is a subsidiary of a company from another Member State from remunerating sight accounts in euros opened by residents of the former Member State. Such a prohibition, which constitutes for companies from other Member States a serious obstacle to the pursuit of their activities via a subsidiary, affecting their access to the market, is to be regarded as a restriction within the meaning of Article 43 EC. That restriction cannot be justified by overriding requirements of the public interest, relating to the protection of consumers or the encouragement of medium and long-term saving, since it goes beyond what is necessary to attain those objectives. (see paras 12, 17, 21, 23-24, operative part)