COMMON POSITION (EC) No 32/95 adopted by the Council on 4 December 1995 with a view to adopting Directive 95/.../EC of the European Parliament and of the Council of ... on cross-border credit transfers
Date: 1995-12-04
Institutions: Council of the European Union
Subjects: consumer information, consumer protection, credit transfer, financial institution, financial transaction, frontier region













EUR-Lex - 51995AG1230(04) - EN






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51995AG1230(04)

COMMON POSITION (EC) No 32/95 adopted by the Council on 4 December 1995 with a view to adopting Directive 95/.../EC of the European Parliament and of the Council of ... on cross-border credit transfers  


Official Journal C 353 , 30/12/1995 P. 0052 





COMMON POSITION (EC) No 32/95 adopted by the Council on 4 December 1995 with a view to adopting Directive 95/. . ./EC of the European Parliament and of the Council of . . . on cross-border credit transfers (95/C 353/04)THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community, and in particular Article 100a thereof,Having regard to the proposal from the Commission (1),Having regard to the opinion of the Economic and Social Committee (2),Having regard to the opinion of the European Monetary Institute,Acting in accordance with the procedure laid down in Article 189b of the Treaty (3),(1) Whereas the volume of cross-border payments is growing steadily as the completion of the internal market and the progressive move towards full economic and monetary union lead to greater trade flows and movement of people throughout the Community; whereas cross-border credit transfers account for a substantial part of the volume and the value of cross-border payments;(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;(3) Whereas this Directive intends to follow up the progress made towards the completion of the internal market, in particular towards the liberalization of capital movements with a view to the implementation of economic and monetary union; whereas its provisions should apply to credit transfers in the currencies of the Member States and in ecus;(4) Whereas the European Parliament, in its resolution of 12 February 1993 (4), called for a Council Directive to lay down rules in the area of transparency and performance of cross-border payments;(5) Whereas the issues covered by this Directive must be dealt with separately from the systemic issues which remain under consideration within the Commission; whereas it may be necessary to make a further proposal to cover these systemic issues, particularly the problem of settlement finality;(6) Whereas the purpose of this Directive is to improve cross-border credit transfer services and thus assist the European Monetary Institute (EMI) in its task of promoting the efficiency of cross-border payments with a view to the preparation of the third stage of economic and monetary union;(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;(8) Whereas, having regard to the third paragraph of Article 3b of the Treaty, and with a view to ensuring transparency, this Directive lays down the minimum requirements needed to ensure an adequate level of customer information both before and after the execution of a cross-border credit transfer; whereas this Directive lays down minimum execution requirements, in particular in terms of performance, which institutions offering cross-border credit transfer services should adhere to, including the obligation to execute a cross-border credit transfer in accordance with the customer's instructions; whereas this Directive fulfils the principles set out in Commission recommendation 90/109/EEC of 14 February 1990 on the transparency of banking conditions relating to cross-border financial transactions (5); whereas this Directive is without prejudice to Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering (6);(9) Whereas this Directive should contribute to reducing the maximum time taken to execute a cross-border credit transfer and encourage those institutions which already take a very short time to do so to maintain that practice;(10) Whereas, in the report it will submit to the European Parliament and the Council within two years of implementation of this Directive, the Commission should particularly examine the time limit to be applied in the absence of a time limit agreed between the originator and his institution, taking into account both technical developments and the situation existing in each Member State;(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 up to ECU 10 000;(12) Whereas Article 8 does not affect the general provisions of national law whereby an institution is responsible to the originator when a cross-border credit transfer has not been completed because of an error committed by that institution;(13) Whereas it is necessary to distinguish, among the circumstances with which institutions involved in the execution of a cross-border credit transfer may be confronted, including circumstances relating to insolvency, those caused by force majeure; whereas for that purpose the definition of force majeure given in Article 4 of Directive 90/314/EEC of 13 June 1990 on package travel, package holidays and package tours (7) should be taken as a basis;(14) Whereas there need to be adequate and effective means in the Member States for the settlement of possible disputes between customers and institutions,HAS ADOPTED THIS DIRECTIVE:SECTION I Scope and definitions Article 1Scope 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.2. Until . . . (8*), 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.Article 2Definitions For the purposes of this Directive:(a) 'credit institution' means an institution as defined in Article 1 of Council Directive 77/780/EEC (9), and includes branches, within the meaning of the third indent of that Article and located in the Community, of credit institutions which have their head offices outside the Community and which by way of business execute cross-border transfers;(b) 'other institution' means any natural or legal person, other than a credit institution, that by way of business executes cross-border credit transfers;(c) 'financial institution' means an institution as defined in Article 4 (1) of Council Regulation (EC) No 3604/93 of 13 December 1993 specifying definitions for the application of the prohibition of privileged access referred to in Article 104a of the Treaty (10);(d) 'institution' means a credit institution or other institution; for the purposes of Articles 6, 7 and 8, branches of one credit institution situated in different Member States which participate in the execution of a cross-border credit transfer shall be regarded as separate institutions;(e) 'intermediary institution' means an institution which is neither that of the originator nor that of the beneficiary and which participates in the execution of a cross-border credit transfer;(f) 'cross-border credit transfer' means a transaction carried out on the initiative of an originator via an institution or its branch in one Member State, with a view to making available an amount of money to a beneficiary at an institution or its branch in another Member State; the originator and the beneficiary may be one and the same person;(g) 'cross-border credit transfer order' means an unconditional instruction in any form, given directly by an originator to an institution to execute a cross-border credit transfer;(h) 'originator' means a natural or legal person that orders the making of a cross-border credit transfer to a beneficiary;(i) 'beneficiary' means the final recipient of a cross-border credit transfer for whom the corresponding funds are made available in an account to which he has access;(j) 'customer' means the originator or the beneficiary, as the context may require;(k) 'reference interest rate' means an interest rate representing compensation and established in accordance with the rules laid down by the Member State in which the establishment which must pay the compensation to the customer is situated;(l) 'date of acceptance' means the date of fulfilment of the institution's conditions as to the execution of the cross-border credit transfer order and relating to the availability of adequate financial cover and the information required to execute that order.SECTION II Transparency of conditions for cross-border credit transfers Article 3Prior information on conditions for cross-border credit transfers 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:- an indication of the time needed, in execution of a cross-border credit transfer order given to the institution, for the funds to be credited to the account of the beneficiary's institution; the point from which that time runs must be clearly indicated,- an indication of the time needed, upon receipt of a cross-border credit transfer, for the funds credited to the account of the institution to be credited to the beneficiary's account,- the manner of calculation of any commission fees and charges payable by the customer to the institution, including where appropriate the rates,- the value date, if any, applicable by the institution,- an indication of the complaint and redress procedures available to the customer and the method of gaining access to them,- an indication of the reference exchange rates used.Article 4Information subsequent to a cross-border credit transfer 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:- a reference enabling the customer to identify the cross-border credit transfer,- the original amount of the cross-border credit transfer,- the amount of all charges and commission fees payable by the customer,- the value date, if any, applied by the institution.Where the originator has specified that the charges for the cross-border credit transfer are to be wholly or partly borne by the beneficiary, the latter shall be informed thereof by his own institution.Where any amount has been converted, the institution which converted it shall inform its customer of the exchange rate used.SECTION III Minimum obligations of institutions in respect of cross-border credit transfers Article 5Specific undertakings by the institution Unless it does not wish to deal with that customer, an institution must at a customer's request, for a cross-border credit transfer with stated specifications, give an undertaking concerning the time needed for execution of the transfer and the commission fees and charges payable, apart from those relating to the exchange rate used.Article 6Obligations regarding time taken 1. The originator's institution shall execute the cross-border credit transfer in question within the time limit agreed with the originator.Where the agreed time limit is not complied with or, in the absence of any such time limit, where, at the end of the fifth banking business day following the date of acceptance of the cross-border credit transfer order, the funds have not been credited to the account of the beneficiary's institution, the originator's institution shall compensate the beneficiary's institution.Compensation shall comprise the payment of interest calculated by applying the reference rate of interest to the amount of the cross-border credit transfer for the period from:- the end of the agreed time limit or, in the absence of any such time limit, the end of the fifth banking business day following the date of acceptance of the cross-border credit transfer order, to- the date on which the funds are credited to the account of the beneficiary's institution.Similarly, where non-performance of the cross-border credit transfer within the time limit agreed or, in the absence of any such time limit, before the end of the fifth banking business day following the date of acceptance of the cross-border credit transfer is attributable to an intermediary institution, that institution shall be required to compensate the institution from which the order originated.2. The beneficiary's institution shall make the funds resulting from the cross-border credit transfer available to the beneficiary within the time limit agreed with the beneficiary.Where the agreed time limit is not complied with or, in the absence of any such time limit, where, at the end of the banking business day following the day on which the funds were credited to the account of the beneficiary's institution, the funds have not been credited to the beneficiary's account, the beneficiary's institution shall compensate the beneficiary.Compensation shall comprise the payment of interest calculated by applying the reference rate of interest to the amount of the cross-border credit transfer for the period from:- the end of the agreed time limit or, in the absence of any such time limit, the end of the banking business day following the day on which the funds were credited to the account of the beneficiary's institution, to- the date on which the funds are credited to the beneficiary's account.3. No compensation shall be payable pursuant to paragraphs 1 and 2 where the originator's institution or, as the case may be, the beneficiary's institution, can establish that the delay is attributable to the originator or, as the case may be, the beneficiary.4. Paragraphs 1, 2 and 3 shall be entirely without prejudice to the other rights of customers and institutions that have participated in the execution of a cross-border credit transfer order.Article 7Obligation to execute the cross-border transfer in accordance with the instructions 1. The originator's institution, any intermediary institution and the beneficiary's institution, after the date of acceptance of the cross-border credit transfer order, shall each be obliged to execute that credit transfer for the full amount thereof unless the originator has specified that the costs of the cross-border credit transfer are to be borne wholly or partly by the beneficiary.The first subparagraph is without prejudice to the possibility of the beneficiary's institution levying a charge on the beneficiary relating to the administration of his account, in accordance with the relevant rules and customs. However, such a charge may not be used by the institution to avoid the obligations imposed by the said subparagraph.2. Without prejudice to any other claims, where the originator's institution or an intermediary institution has made a deduction from the amount of the cross-border credit transfer in breach of paragraph 1, the originator's institution shall, when requested by the originator, credit, free of all deductions and at its own cost, the amount so deducted to the beneficiary unless the originator has requested that this amount be credited to him.Any intermediary institution which has made a deduction in breach of paragraph 1 shall credit the amount so deducted, free of all deductions and at its own cost, to the originator's institution or, if the originator's institution so requests, to the beneficiary of the cross-border credit transfer.3. Where a breach of the duty to execute the cross-border credit transfer order in accordance with the originator's instructions has been caused by the beneficiary's institution, and without prejudice to any other claim which may be made, the beneficiary's institution shall be liable to credit to the beneficiary, at its own cost, any sum wrongly deducted.Article 8Obligation upon institutions to refund in the event of non-execution of transfers 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:- interest calculated by applying the reference interest rate to the amount of the cross-border credit transfer for the period between the date of the cross-border credit transfer order and the date of the credit, and- the charges related to the cross-border credit transfer paid by the originator.These amounts shall be made available to the originator within 14 banking business days following the date of his request, unless the funds corresponding to the cross-border credit transfer have in the meantime been credited to the account of the beneficiary's institution.Such request may not be made before expiry of the time limit agreed between the originator's institution and the originator for the execution of the cross-border credit transfer order or, in the absence of any such time limit, before expiry of the time limit laid down in the second subparagraph of Article 6 (1).Similarly, each intermediary institution which has accepted the cross-border credit transfer order likewise owes an obligation to refund at its own cost the amount of the credit transfer, including related costs and interest, to the institution which instructed it. If the cross-border credit transfer was not completed because of errors or omissions given by that institution, the intermediary institution shall endeavour as far as possible to refund the amount of the transfer.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.3. By way of derogation from paragraph 1, if the cross-border credit transfer was not completed because of an error or omission in the instructions given by the originator to his institution or because of non-execution of the cross-border credit transfer by an intermediary institution expressly chosen by the originator, the originator's institution and the other institutions involved shall endeavour as far as possible to refund the amount of the transfer.Where the amount has been recovered by the originator's institution, it shall credit it to the originator subject to a deduction of costs arising from the recovery.Article 9Situation of force majeure Without prejudice to the provisions of Directive 91/308/EEC, institutions participating in the execution of a cross-border credit transfer order shall be released from the obligations laid down in this Directive where they can adduce reasons of force majeure, namely abnormal and unforeseeable circumstances beyond the control of the person pleading force majeure, the consequences of which would have been unavoidable despite all efforts to the contrary, which are relevant to its provisions.Article 10Settlement of disputes Member States shall ensure that there are adequate and effective means for the settlement of disputes between an originator and his institution or between a beneficiary and his institution.SECTION IV Final provisions Article 11Implementation 1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by . . . (11*) at the latest. They shall forthwith inform the Commission thereof.When Member States adopt these provisions, they shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.2. Member States shall communicate to the Commission the text of the main laws, regulations or administrative provisions which they adopt in the field governed by this Directive.Article 12Report to the European Parliament and the Council No later than two years after the date of implementation of this Directive, the Commission shall present a report to the European Parliament and the Council on the application of this Directive, accompanied where appropriate by proposals for its revision.This report shall, in the light of the situation existing in each Member State and of the technical developments that have taken place, deal particularly with the question of the time limit set in Article 6 (1).Article 13Entry into force This Directive shall enter into force on the date of its publication in the Official Journal of the European Communities.Article 14Addressees This Directive is addressed to the Member States.Done at . . .For the European ParliamentThe PresidentFor the CouncilThe President(1) OJ No C 360, 17. 12. 1994, p. 13.OJ No C 199, 3. 8. 1995, p. 16.(2) OJ No C 236, 11. 9. 1995, p. 1.(3) Opinion of the European Parliament of 19 May 1995 (OJ No C 151, 19. 6. 1995, p. 370), Council common position of . . . (not yet published in the Official Journal) and Decision of the European Parliament of . . . (not yet published in the Official Journal).(4) OJ No C 72, 15. 3. 1993, p. 158.(5) OJ No L 67, 15. 3. 1990, p. 39.(6) OJ No L 166, 28. 6. 1991, p. 77.(7) OJ No L 158, 23. 6. 1993, p. 59.(8*) Two years after the date of implementation of this Directive.(9) OJ No L 322, 17. 12. 1977, p. 30. Directive as last amended by Directive 95/26/EC (OJ No L 168, 18. 7. 1995, p. 7).(10) OJ No L 332, 30. 12. 1993, p. 4.(11*) Thirty months after the date this Directive enters into force.STATEMENT OF THE COUNCIL'S REASONS I. INTRODUCTION 1. On 18 November 1994 the Commission forwarded to the Council the above proposal for a Directive, based on Article 100a of the EC Treaty.The Economic and Social Committee and the European Parliament delivered their opinions on 1 June 1995 and 19 May 1995 respectively. The European Monetary Institute gave its opinion on 20 March 1995.Following these opinions, the Commission submitted an amended proposal on 7 June 1995.2. On 4 December 1995, the Council adopted its common position pursuant to Article 189b of the Treaty.II. OBJECTIVE The aim of the Directive is to improve cross-border credit transfer services for individuals as well as businesses, especially small and medium-sized enterprises, by introducing:- a minimum standard for the information of customers both prior and subsequent to the cross-border credit transfer,- time limits within which, in the absence of agreement between bank and customer, the institutions of the originator and the beneficiary are required to execute the transfer (five days and one day respectively),- an obligation to execute the transfer in accordance with the instructions contained in the payment order (double-charging ban),- in the event of non-execution of transfers, without prejudice to any other claim which may be made, an obligation to refund the amount of the transfer up to ECU 10 000 plus interest and charges paid,- an obligation for Member States to ensure that adequate and effective means exist for the settlement of any disputes between a bank and its customer.The Directive forms part of a series of measures aimed at facilitating cross-border payments of which cross-border credit transfers account for a substantial part both in terms of volume and of value. The original proposal accompanied a Commission communication in the European Parliament, the Council, the European Monetary Institute and the Economic and Social Committee on 'EU funds transfers: transparency, performance and stability'.III. ANALYSIS OF THE COMMON POSITION a. Scope (Article 1)Compared to the amended Commission proposal the common position:- excludes credit transfers ordered by large professional financial establishments, which in the sense of the Directive are those institutions defined in Article 2 (a), (b) and (c). This limitation is introduced because of the professional nature of these institutions,- does not explicitly define the scope of the Directive with reference to credit transfers within the European Union since this could give the misleading impression that all credit transfers within the Union and not just cross-border credit transfers were covered and since such a definition could exclude transfers involving an intermediary institution in a third country. The amendments proposed by the European Parliament relating to such a definition of the scope, in particular amendment No 1, are consequently not followed in the common position,- applies the Directive to credit transfers of less than ECU 25 000 for a period of two years after the date of implementation and to transfers of less than ECU 30 000 after this period. In determining the scope of the Directive by reference to transfers of a certain amount the common position follows the approach of amendment No 5 proposed by the European Parliament,- adapts for the sake of further precision and textual coherence the drafting of Paragraph 1.In following the amended Commission proposal regarding the limitation of the scope to cross-border credit transfers in the currencies of the Member States and in ecus, the common position includes part of amendment No 5 proposed by the European Parliament.b. Definitions (Article 2)With a view to making the drafting of the Directive more precise, the common position amends the drafting of the definitions set out in the amended Commission proposal. In particular the definitions of the terms 'payment', 'crossborder payment' and 'credit transfer' have been merged into the new term 'cross-border credit transfer' which has implications for the title of the Directive.The common position further:- changes the term 'payment order' to 'cross-border credit transfer order', the term 'acceptance' to 'date of acceptance' and the term 'interest' to 'reference interest rate'. In amending the definition of the term 'reference interest rate' to cover a more flexible rate, in line with the approach of the Commission's amended proposal, the common position takes account of amendment No 7 proposed by the European Parliament,- introduces a definition of the term 'financial institution',- deletes as unnecessary, in view of the amended drafting of the definitions and of the following Articles, the definitions of the terms: 'person', 'force majeure' (which is, however, defined in a separate Article 9), 'value date', 'completion' and 'business day'. As a consequence of the deletion of the definition of 'completion', the common position does not include amendment No 8 proposed by the European Parliament,- keeps with certain adaptations and clarifications the definitions of the terms: 'credit institution', 'other institution', 'institution', 'intermediary institution', 'originator', 'beneficiary' and 'customer'. In keeping the main part of definition of 'intermediary institution' as it was set out in the amended Commission proposal, the common position largely includes amendment No 9 proposed by the European Parliament.c. Transparency (Articles 3 and 4)The common position maintains all the essential features of the amended Commission proposal for Articles 3 and 4 and in so doing follows the major part of amendment No 10, and follows, albeit in a slightly different wording, amendment No 11 proposed by the European Parliament. The last subparagraph of amendment No 10 is not included in Article 3 of the common position since the Council finds it important to allow for a certain degree of flexibility as to the exact manner in which the information is communicated to the customer.The drafting is amended, by comparison with the amended Commission proposal, in order to indicate the obligations of the institutions in a more precise manner. With a view to greater transparency, the common position further stipulates that the information to be given subsequent to the credit transfer (Article 4) must include- in all cases, the original amount of the cross-border credit transfer,- an indication of the exchange rate used, where any amount has been converted.d. Minimum obligations of institutions (Articles 5 to 10)Regarding the minimum obligations of institutions the common position maintains all the fundamental features of the amended Commission proposal, but amends the drafting with a view to describing more succinctly the rights and obligations of the originator, the beneficiary and the institutions involved, including any intermediate institutions. In particular the common position gives precise guidelines as to the calculation and payment of any compensation or reimbursement.A new Article 5 is introduced which obliges an institution to give an undertaking to a customer regarding the terms applicable to a specific cross-border credit transfer.In two new recitals, the ninth and the 10th, the common position makes clear that one of the principal aims of the Directive is to reduce the maximum time taken to effect a cross-border credit transfer and urges the Commission to re-examine this question in the report it will submit in accordance with Article 12. The common position thus takes account of amendment No 12 proposed by the European Parliament, although the enacting terms of the Directive has not been amended as proposed.In making clear in Article 6 (1) (4) the obligations of an intermediary institution, the common position follows in substance amendment No 13 proposed by the European Parliament.The common position stipulates in Article 6 (2) and (3) that the beneficiary's institution must compensate the beneficiary if the funds have not been credited to his account within the time limits set out in the Directive, unless the delay is attributable to the beneficiary. The common position thus covers the substance of amendment No 14 proposed by the European Parliament, and in fact goes further towards protecting the client.The common position follows the amended Commission amended proposal in incorporating amendment No 15 proposed by the European Parliament. In making the beneficiary the first recipient of any wrongly deducted costs, Article 7 (2) of the common position, in line with the amended Commission proposal, largely follows the substance of amendment No 16 proposed by the European Parliament, although the question of reimbursement within the chain of involved institutions is treated in the manner set out in the Commission's original proposal.The common position largely follows the amended Commission proposal for Article 8 in including a ceiling for reimbursement and by making the reimbursement dependent upon a request by the originator. The deadline for reimbursement is fixed at 14 banking business days after the request is made. In line with the amended Commission proposal the ceiling is fixed at ECU 10 000. The common position thus partially follows amendment No 18 proposed by the European Parliament, while it does not incorporate amendment No 28 proposed by the European Parliament.In limiting any refund in case of defective instructions given by the originator to the amount of the transfer; the common position follows in substance amendment No 19 proposed by the European Parliament.In line with the amended Commission proposal the rules relating to force majeure are set out in a separate Article 9. This provision applies to the Directive as a whole and it sets out in full a definition of force majeure corresponding to that included in Directive 90/314/EEC. The common position thus follows the substance of amendments Nos 6 and 21 proposed by the European Parliament.In line with the amended Commission proposal the common position includes an Article 10 relating to the settlement of disputes. Although drafted in a more general manner, the common position follows the spirit of amendment No 22 proposed by the European Parliament.e. ImplementationCompared to the amended Commission proposal, Article 11 of the common position fixes the date of implementation by reference to date of entry into force of the Directive (30 months after the entry into force). The date of presentation of the Commission's report (Article 12) is brought forward by one year compared to the amended Commission proposal, to no later than two years after the date of implementation.f. RecitalsThe recitals have been adapted following the changes made to the amended Commission proposal. Amendments Nos 3 and 4 proposed by the European Parliament have been followed to the extent that the corresponding amendments proposed to the enacting terms have been incorporated into the text of the common position. In adapting the third recital without changing the essential thrust of the text compared to the Commission's amended proposal, the common position further takes account of amendment No 2 proposed by the European Parliament.IV. CONCLUSIONS The Council considers that all amendments to the amended Commission proposal, including the determination of the scope, are in accordance with the aims of the Directive, namely to make it possible for individuals and businesses, especially small and medium-sized enterprises, to make cross-border credit transfers rapidly, reliably and cheaply from one part of the Community to another. The changes to the text aim primarily at ensuring the transparency and legal certainty for both the customers and the institutions concerned, and do not change the essential thrust of the amended Commission proposal.