WRITTEN QUESTION E-0149/02 by Erik Meijer (GUE/NGL) to the Commission. Extra costs incurred by bank customers as a result of failure to comply with the agreements on exchanging old currencies into euros.
Date: 2002-01-31
Institutions: European Parliament, Provisional data
Subjects: bank, bank charges, euro, national currency

C 28 E/16

Official Journal of the European Union

EN

6.2.2003

(2003/C 28 E/018)

WRITTEN QUESTION E-0149/02

by Erik Meijer (GUE/NGL) to the Commission

(31 January 2002)

Subject: Extra costs incurred by bank customers as a result of failure to comply with the agreements on

exchanging old currencies into euros

Is the Commission aware that the Netherlands Ministry of Finance has alerted Dutch banks to the

1.
fact that they have charged customers unlawfully for changing Dutch guilders into euros?

2.
In the different member states of EMU-12 are there similar voluntary agreements between the
government, consumers organisations and banks or any binding legal rules on charges for exchanging old
currencies into the new means of payment, or do the exchange charges that may be imposed vary
significantly from one member state to another?

During the exchange period from 1 October 2001 to 1 April 2002 what costs may banks charge to
3.
their own customers who credit the money to their accounts, and what costs can be charged to clients
who are not bank customers?

In calculating exchange costs, can a difference be made between the former currency of the country
4.
where the exchange takes place and the former currencies of other countries that have introduced the
euro?

Can the Commission give an estimate of the amount paid by consumers in each Member State as a
5.
result of exchange costs that they would not have incurred if no new means of payment had been
introduced?

6. What will the Commission do to compensate consumers who have had to pay unlawful charges to
one or more banks in order to make this unavoidable exchange of currency?

Answer given by Mr Solbes Mira on behalf of the Commission

(2 April 2002)

Following the Commission Recommendation of October 2000 (1), the banks agreed to change
1. and 5.
national notes and coins into euros for their customers free of charge during the period of dual circulation.
The Commission knows of only a few isolated cases where a charge was made for exchanging the old
national currency.

2.
Spain was the only Member State to introduce a law requiring that the national currency be
exchanged for euros free of charge. The voluntary agreements introduced in the Member States generally
applied the principles set out in the Recommendation of October 2000, namely exchange free of charge
for bank customers for the entire duration of the period of dual circulation, subject merely to a period of
notice for large amounts, and free exchange for non-customers subject to a ceiling to be set by each bank.

The Commission takes the view that no charge should have been imposed by banks during the
3. and 4.
period of dual circulation for accepting the old national currency of the State in which the financial
institution is established. A handling charge could, however, be levied for accepting the old national
currencies of the other participating States.

Except in Spain, the banks were free to choose whether or not they followed the recommendations,

6.
with the result that no compensation can be claimed.

(1) C(2000)2985 final.