OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE on the amended proposal for a European Parliament and Council Directive on EU credit transfers
Date: 1995-09-13
Institutions: European Economic and Social Committee
Subjects: banking, credit transfer, financial institution, financial legislation, intra-EU payment













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51995AC0962

OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE on the amended proposal for a European Parliament and Council Directive on EU credit transfers  


Official Journal C 301 , 13/11/1995 P. 0001 





Opinion on the amended proposal for a European Parliament  and Council Directive on EU credit transfers(95/C 301/01)On 6 July 1995 the Economic and  Social Committee decided, in accordance with the second paragraph of Rule 23 of the Rules of  Procedure, to draw up an Opinion on the amended proposal for a European Parliament and Council  Directive on the above-mentioned proposal. The Section for Economic, Financial and Monetary Questions, which was responsible for preparing the  Committee's work on the subject, adopted its Additional Opinion on 18 July 1995. The Rapporteur was  Mr  Burani. At its 328th Plenary Session (meeting of 13 September 1995), the Economic and Social Committee  adopted the following Additional Opinion unanimously. 1. Introduction1.1. The Economic and Social Committee on 1 June 1995 unanimously adopted  an Opinion () on which the Commission drew extensively when drawing up the amended Proposal for a  Directive. 1.2. The Economic and Social Committee congratulates the Commission on accepting the general  approach to the problem, and stating that 'the modified proposal takes largely into account the  proposals of the Committee'. 1.3. However, the Committee believes that the Directive could gain in precision and in balance if  two amendments suggested in the earlier Opinion were adopted (the Commission did not adopt them in  the amended proposal). 2. Specific comments on the amended proposal for a Directive2.1. Article 5 - Obligation to  execute in good time2.1.1. The first paragraph of this Article lays down that the institution of  the originator shall be responsible to the originator for ensuring that the credit transfer is  completed no later than the end of the fifth business day following acceptance of the payment  order. This formulation is unacceptable; a generic reference to the 'credit transfer' does not take  account of the fact that the techniques in use and the possible cases are extremely varied and  differentiated: a deadline of five days is too long for certain types of transfer using  computerized systems, and may be too short when slower transmission systems are used involving a  number of intermediary banks. It is therefore necessary to link the concept of 'completion time'  with that of 'type of credit transfer' to be carried out: a 'standard' time must correspond to a  'standard' credit transfer. 2.1.2. The Committee therefore reiterates its proposal that the first indent of Article 5(1) be  amended to the wording already suggested in its earlier Opinion:  'The institution of the originator shall be responsible to the originator for ensuring that the  credit transfer is completed no later than the end of the fifth business day following acceptance  by it of a payment order from the originator to be executed by urgent means, and provided that the  transmission does not involve more than two banks, or that there is an automatic clearing system in  the beneficiary's country;'. 2.2. Article 7 - Obligation of institutions to refund in cases of non-completed credit  transfers2.2.1. The Committee congratulates the Commission on accepting, in the new text proposed  for Article 7.2, the suggestion made in its earlier Opinion (point 5.6.6, paragraph 2). However, it  feels that the Directive will be more balanced, and thus gain in credibility, if the Parliament and  the Council take account of the view expressed in the earlier Opinion (point 5.6.3), which is  reflected in the point below. 2.2.2. The Committee renews its proposal that Article  7(1) be amended to read as follows:  '1. If, after a payment order of a value not exceeding ECU 10 000 has been accepted by the  originator's institution, the related credit transfer is not completed for reasons other than  'force majeure' or the fault of the originator, the originator is entitled - unless the beneficiary  objects - to have his account credited on demand with the full amount of the credit transfer, plus  interest and the amount of the charges for the non-completed credit transfer, such demand to be  made not earlier than fifteen business days after the date on which the credit transfer should have  been completed. Each intermediary institution which has accepted the payment order likewise owes an  obligation to refund at its own cost the amount of the credit transfer to the institution which  instructed it.'Done at Brussels, 13 September 1995. The Presidentof the Economic and Social CommitteeCarlos FERRER() Opinion  (CES 573/95) on EU funds transfers: transparency, performance and stability [COM(94) 436 final -  94/0242 (COD)].