WRITTEN QUESTION No. 2844/97 by Klaus-Heiner LEHNE to the Commission. Bank charges in connection with introduction of the euro
Date: 1997-09-11
Institutions: European Parliament, LEHNE
Subjects: Economic and Monetary Union, bank, bank charges, consumer protection, exchange transaction, general budget













EUR-Lex - 91997E2844 - EN






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91997E2844

WRITTEN QUESTION No. 2844/97 by Klaus-Heiner LEHNE to the Commission. Bank charges in connection with introduction of the euro  


Official Journal C 134 , 30/04/1998 P. 0027 





WRITTEN QUESTION E-2844/97 by Klaus-Heiner Lehne (PPE) to the Commission (11 September 1997)Subject: Bank charges in connection with introduction of the euro'Europe without Frontiers', a newssheet published as a monthly letter by the Commission's Directorate-General for Information, Communications, Culture and Audiovisual Media (ISSN 1021-2345) states on page 2 of its June 1997 edition (time of going to press 20 May 1997) under the heading 'Practical Questions for the Euro and Answers in Spring 1998?' that:Exchanging national currency for the euro after 1 January 1999 should not cost users any more than the actual technical expenses incurred by the banks.1. What expenses are involved in this respect?2. Does the Commission think it right that, in making the necessary exchange of legal tender, the costs of the changeover should be passed on to the consumer?3. Is it consistent with the law to charge the individual consumer for an exchange of legal tender which is required by the government authorities?4. Given that exchange of legal tender is essentially a government measure, should these costs not be borne by the public budget?5. What does the Commission intend to do to avoid any additional costs of the changeover intensifying the misgivings in the minds of a large section of the population about the euro?6. Is it not possible to require the banks under the transitional regulations to effect the changeover free of charge to the consumer?7. What is the Commission's view, in the light of questions 1-6, of the decision of the Federal Supreme Court of 15 July 1997 in cases XI ZR 269/96 and 279/96 concerning the exemption from charges for the performance of government-ordered tasks by banks? (The relevant articles from the Frankfurter Allgemeine Zeitung are attached).Answer given by Mr de Silguy on behalf of the Commission (31 October 1997)The Commission has been examining the questions raised by the Honourable Member. These questions were discussed at a round table organised on 15 May 1997 involving various associations concerned, and comments have been received by the Commission from financial institutions and consumer organisations.The Commission will, with the help of an expert group, continue to examine these questions in full detail in the coming months. This work will be finalised by the end of 1997. The Commission will provide the Honourable Member with a supplementary answer as soon as possible.As stated in its communication on the practical aspects of the introduction of the euro, the Commission is planning to decide before the end of 1997 whether a common approach to conversion charges is necessary among the participating Member States, whether such a common approach should be enforced by legislation at national or European level, whether its market forces can be left to operate or whether voluntary agreements or codes of practice are needed.