WRITTEN QUESTION E-0864/01

by Jules Maaten (ELDR) to the Commission

(22 March 2001)

Subject: Introduction of the euro

In the Netherlands consumers will be able to change their guilders free of charge at a bank for a transitional period of three months after introduction of the euro. Businesses will have to pay, however. In the initial changeover period businesses will act as banks. Does the Commission feel there is any justification for implicitly passing on costs to businesses in this way?

Will costs be passed on to businesses in every Member State?

Can the Commission give a breakdown per Member State?

In the initial period of changeover to the euro businesses will need to have double the amount of money. In the Netherlands guaranteeing the additional money required is a problem.

Can the Commission indicate whether this is a problem in every Member State, and how does it intend to remedy it?

On 5 March Wim Duisenberg, President of the European Central Bank, told Parliament's Committee on Economic and Monetary Affairs that he had no complaints about the cooperation of the private banks in the introduction of the euro on 1 January 2002. Does the Commission share this satisfaction with the banks' cooperation, in particular with regard to their responsiveness to small and medium-sized businesses (for example, with regard to extended opening hours on 1 January and the costs to businesses changing the old currency)?

If a customer wants to change banks, for example because he expects another bank to provide a better service, one major obstacle is that he is given an entirely new account number. In the Commission's opinion, are there any statutory provisions preventing consumers or businesses taking their account numbers with them when they change banks?

Answer given by Mr Solbes Mira on behalf of the Commission

(17 May 2001)

In its Recommendation of 11 October 2000(1), the Commission recommended that banks exchange notes and coins free of charge and without any limitation for their customers (subject only to a period of notice for large amounts), whether natural or legal persons.

The Commission does not yet have overall data on any handling costs that banks might charge for the physical exchange of large amounts in notes by legal persons. Some Member States, such as Ireland, have negotiated forms of compensation for the costs borne by banks in return for their not charging handling fees to businesses.

It seems that insurance firms will not generally charge a supplement, either because the amount insured is already sufficient to cover the increase in cash held (common in the case of large retailers) or because the costs of changing the contract are greater than the additional risk borne (common in the case of small traders).

The Commission finds that, on the whole, the banks have followed its recommendations, whether on charges for exchange transactions or on an early changeover of bank accounts and non-cash means of payment to the euro. In its Communication of 3 April 2001(2), it urged that bank opening hours be extended and branches open to all or some customers on 1 January 2002.

Bank account numbers usually include a component identifying the bank and/or branch and therefore cannot be retained if a customer changes banks.

(1) OJ C 303, 24.10.2000.

(2) COM(2001) 190 final.