Opinion of the European Central Bank of 8 September 2023 on requiring credit institutions to provide a universal banking service and guarantee a minimum spread of automated teller machines (ATMs) (CON/2023/25)
Date: 2023-09-08
Institutions: European Central Bank
Subjects: financial stability

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 8 September 2023 

on requiring credit institutions to provide a universal banking service and guarantee a minimum 

spread of automated teller machines (ATMs) 

(CON/2023/25) 

Introduction and legal basis 

On 30 June 2023 the European Central Bank (ECB) received a request from the Governor of the Banque 

Nationale de Belgique/Nationale Bank van België (NBB), acting at the request of the Belgian Chamber of 

Representatives,  for  an  opinion  on  a  draft  law  amending  the  Law  of  25  April  2014  on  the  status  and 

supervision  of  credit  institutions  relating  to  the  establishment  of  the  universal  banking  service  and  the 

minimum number of cash machines (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union since the draft law contains provisions falling within the ECB’s fields of 

competence pursuant to Article 127(2) of the Treaty and Article 3.1 of the Statute of the European System 

of  Central  Banks  and  of  the  European  Central  Bank,  and  the  first,  second,  third  and  sixth  indents  of 

Article 2(1) of Council Decision 98/415/EC1, as the draft law relates to (1) the basic task of the European 

System of Central Banks (ESCB) to implement the monetary policy of the Union pursuant to Article 127(2), 

first indent, of the Treaty, (2) currency matters, (3) means of payment, (4) the NBB and (5) the ECB’s tasks 

concerning  the  prudential  supervision  of  credit  institutions  pursuant  to  Article  127(6)  of  the  Treaty.  In 

accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, 

the Governing Council has adopted this opinion. 

1. 

Purpose of the draft law 

1.1  The  key  objective  of  the  draft  law  is  to  introduce  two  new  obligations  for  credit  institutions:  (1)  to 

provide  a  universal  banking  service;  and  (2)  to  collectively  guarantee  a  minimum  spread  of 

automated teller machines (ATMs), self-banking machines and systems for printing bank statements. 

The scope, terms and conditions, and other modalities applicable to these new obligations, as well 

as the maximum prices that could be charged, would be set out in a Royal Decree. 

1.2  These  new  obligations  would  be  inserted  into  the  Law  of  25  April  2014  on  the  legal  status  and 

supervision of credit institutions (hereinafter the ‘Banking Law’) as operating conditions to be fulfilled 

by credit institutions on an ongoing basis. On the insertion of these new obligations into the Banking 

Law, the prudential supervisory authority would have responsibility for monitoring compliance with 

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Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national 1authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 

 
 
 
 
 
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them and for imposing penalties on, and taking binding measures against, credit institutions that fail 

to meet the new obligations. 

1.3  According to the explanatory memorandum of the draft law, the proposal to introduce these two new 

obligations is based on the following considerations. The first objective of the draft law is to enshrine 

the  principles  of  the  universal  banking  service  in  the  Banking  Law  in  order  to  oblige  retail  banks 

operating  in  Belgium  to  provide  this  service,  which  may  also  be  included  in  an  existing  service 

package  if  the  banks  meet  the  relevant  conditions.  This  service  would  include  minimum  basic 

banking services (i.e. the provision of a payment card, the ability to carry out certain transactions and 

make  cash  withdrawals,  and  direct  debit  facilities)  and  the  provision  of  paper  bank  account 

statements offered at a reasonable price. The second objective of the draft law is to broaden and 

give legal effect to the preamble of the charter dated 19 July 2021 entered into between the Belgian 

government  and  the  Belgian  financial  sector  concerning  the  ‘universal  banking  service’2.  The 

preamble states that citizens should have effective access to traditional physical banking services. 

In view of the digital divide, guaranteed access to physical banking services is in the public interest.  

1.4 

In  furtherance  of  the  two  new  obligations  outlined  above,  the  draft  law  proposes  to  insert  a  new 

section into the Banking Law3 that would (1) include the imposition of a general obligation on credit 

institutions to guarantee sufficient physical access to basic non-digital banking and financial payment 

services  throughout  the  country;  (2)  provide  that  such  sufficient  access  is  to  be  guaranteed  by 

providing a universal banking service and collectively guaranteeing a minimum spread of ATMs, self-

banking machines and systems for printing bank statements; and (3) authorise the King to set out in 

a Royal Decree the terms and conditions and other modalities applicable to these new obligations, 

as well as the maximum prices that can be charged. 

1.5  The draft law would further amend the Banking Law4 to provide that the two new obligations referred 

to in paragraphs 1.1 to 1.3 would also have to be complied with by (1) EEA credit institutions acting 

in Belgium on a cross-border basis or via a branch and (2) Belgian branches of third country credit 

institutions. 

2. 

Non-digital banking services  

2.1 

Innovations, regulatory developments, and adapting consumer habits have changed the European 

retail payments landscape. The COVID-19 pandemic accelerated this trend with an increased shift 

towards online services and shopping. This led to an increase in consumers paying by electronic or 

digital means, such as through online payments, payment cards or mobile phones. While the trend 

towards digitalisation in banking services and retail payments brings about various changes, these 

changes cannot come at the cost of sidelining cash, which remains a widely used means of payment 

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4  

Charte entre Febelfin et le Gouvernement concernant l'offre d'un "service bancaire universel" (2021)/Charter tussen 
Febelfin en de Regering inzake het aanbieden van een "universele bankdienst" (2021), available on the website of the 
Belgian government at www.economie.fgov.be (in French and in Dutch). 
See Articles 2 and 3 of the draft law, introducing a new section IX of the Banking Law entitled ‘Accessibility of financial 
services’, which would contain a new Article 75/3 of the Banking Law.  

See Articles 4 and 5 of the draft law and Articles 315, paragraph 1, and 335, paragraph 1, of the Banking Law. 

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with legal tender status, nor at the cost of excluding segments of the population from physical access 

to basic non-digital banking and financial payment services. 

2.2  The ECB welcomes the objectives of the draft law aimed at ensuring physical access to basic non-

digital, banking and financial payment services, and particularly those aimed at ensuring sufficient 

and  effective  access  to  cash  throughout  the  country5.  Sufficient  and  effective  access  to  cash  is 

necessary to preserve the effectiveness of the legal tender status of cash. If citizens  do not have 

easy access to cash, they will not be able to use it as a means of payment6. In this context, on 28 

June 2023 the Commission published a proposal for a Regulation of the European Parliament and 

of the Council on the legal tender of euro banknotes and coins (hereinafter ‘the proposed regulation 

on the legal tender of euro cash’), which includes an obligation for Member States to ensure sufficient 

and effective access to cash throughout their territory7. 

2.3  Cash payments facilitate the inclusion of the entire population in the economy by allowing citizens to 

settle a wide range of payment transactions in this way, thus ensuring freedom of choice as to method 

of payment for all citizens8. In addition, cash is a well-established means of payment providing for 

immediate settlement of debts and direct control over the payer’s spending.  It is currently the only 

payment instrument that allows citizens to settle a transaction in central bank money which is also 

settled instantly9, while, importantly, ensuring privacy. Cash could also play an important role in the 

event of a disturbance in the payment system10. The ability to pay in cash also remains particularly 

important for certain groups in society that, for various legitimate reasons, prefer to use cash rather 

than other means of payment, or who are unable to use digital technology. These groups include not 

only  elderly  people  and  minors,  but  also  some  disabled  citizens,  immigrants,  socially  vulnerable 

citizens, and others with limited or no access to digital payment services.    

2.4  While the ECB holds a positive view of further innovation and development in the field of electronic 

payment instruments, the ECB also considers that ensuring an adequate level of access to euro cash 

and the freedom of payment choice is essential. In this context, it is important that all Member States 

take  appropriate  measures  to  ensure  that  credit  institutions  and  branches  operating  within  their 

territories provide adequate access to cash services11, including facilities to enable cash deposits on 

payment accounts, in order to facilitate the continued use of cash and acceptance in payments by 

enterprises.  

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11  

The  ECB  has consistently  welcomed legislative proposals  aimed at  ensuring access  to cash in euro area  Member 
States. See, for example, paragraph 3.3 of Opinion CON/2022/40. All ECB opinions are published on EUR-Lex. 
See  Principle  6  of  ELTEG  III  in  the  Final  report  of  the  Euro  Legal  Tender  Expert  Group  (ELTEG)  of  6  July  2022, 
available on the Commission’s website at www.ec.europa.eu.  
COM(2023) 364 final. 

See paragraphs 2.4 and 3.1 of Opinion CON/2017/8, paragraph 2.7 of Opinion CON/2017/40, paragraph 2.6 of Opinion 
CON/2019/4, paragraphs 2.1 to 2.3 of Opinion CON/2021/18, paragraph 7.2.1 of Opinion CON/2021/9, paragraph 2.3 
of Opinion CON/2021/38 and paragraph 2.1 of Opinion CON/2023/13. 
See  paragraph  2.4  of  Opinion  CON/2017/8,  paragraph  2.1  of  Opinion  CON/2019/41,  paragraph  9.2.1  of  Opinion 
CON/2020/13, paragraph 2.3 of Opinion CON/2020/21, paragraph 7.2.1 of Opinion CON/2021/9 and paragraph 2.1 of 
Opinion CON/2021/18. 
See paragraph 2.3 of Opinion CON/2020/21. 

See paragraph 2.3 of Opinion CON/2019/41 and paragraph 9.2.3 of Opinion CON/2020/13. 

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2.5  At the same time, the ECB would like to underline the need to clarify the scope of application of the 

new  obligations  in  view  of  potential  implementation  challenges  implied  by  them.  The  need  for 

clarification may notably apply to the question of which credit institutions will be obliged to offer basic 

non-digital banking and financial payment services and to collectively guarantee a minimum spread 

of  ATMs,  self-banking  machines  and  systems  for  printing  bank  statements.  The  ECB  notes  that, 

according to the draft law, a future Royal Decree will define the specific services to be provided, the 

maximum prices pertaining thereto and the associated terms, conditions and obligations. The ECB 

understands that it will be consulted before the Royal Decree is adopted. 

2.6  The  ECB  also  understands  that  the  basic  non-digital  banking  and  financial  payment  services 

provided for under the draft law would include direct debits. However, if this relates to setting up a 

paper-based mandate for a direct debit, it should be emphasised that setting up a mandate does not 

involve the debtor’s bank, as the mandate is provided directly by the debtor to the creditor. 

2.7  From the monetary policy perspective, the ECB also welcomes the measures in the draft law aimed 

at  requiring  Belgian  credit  institutions  to  offer  offline  access  to  a  universal  banking  service  and  a 

minimum spread of  ATMs. In its pursuance of price stability, the  ECB must  be able to rely on an 

appropriate transmission of its monetary policy towards the wider economy. Given the key role of 

credit institutions in the transmission of monetary policy, they should ideally offer a universal banking 

service and access to currency in the form of cash throughout the territory so as to be accessible to 

all economic actors, including those who do not use digital banking services. At the same time, the 

costs of implementation of the new obligations  for credit institutions would need to be adequately 

accounted for in the Royal Decree. 

3. 

Prudential supervision of credit institutions  

3.1  The ECB understands that the Banking Law contains the provisions of Belgian law concerning the 

prudential  supervision  of  credit  institutions  and,  in  accordance  with  the  provisions  of  Council 

Regulation  (EU)  No  1024/2013  (hereinafter  the  ‘SSM  Regulation’)12,  the  competent  authorities 

referred  to  in  the  Banking  Law  are  the  ECB  and  the  NBB.  The  ECB  further  understands  that  the 

Belgian Code of Economic Law (CEL) contains the conduct of business and consumer protection 

rules applicable to payment services13 and the rules on basic banking services14.  

3.2  Notwithstanding that the draft law would amend the Banking Law, the ECB understands that the new 

obligations do not relate to the prudential supervision of credit institutions. In accordance with Article 

127(6)  of  the  Treaty,  the  SSM  Regulation  confers  tasks  on  the  ECB  concerning  the  prudential 

supervision of credit institutions. In this respect, the SSM Regulation clarifies that supervisory tasks 

not  conferred  on  the  ECB,  including  consumer  protection,  should  remain  with  the  national 

authorities15. Therefore, the ECB understands that the draft law cannot include any role for the ECB 

in its prudential supervisory function. The ECB also understands that the draft law operates without 

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15  

Council Regulation (EU) No 1024/2013 of 15 October 2013  conferring specific tasks on the European Central Bank 
concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63). 
See Book VII, Title 3 of the CEL. 
See Book VII, Title 3, Chapter 8 of the CEL. 

See recital 28 of the SSM Regulation. 

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prejudice to the specific tasks conferred on the ECB under the SSM Regulation, including in particular 

the exclusive competence of the ECB to authorise credit institutions and to withdraw authorisations 

of credit institutions16. In the interest of legal certainty regarding the role of the prudential supervisors 

under the SSM Regulation, the ECB recommends keeping the new obligations under the draft law 

separate from those on prudential supervision, and hence not to include the new obligations in the 

Banking Law. 

4. 

Supervision of the new obligations by the NBB 

4.1  The ECB understands that the Belgian Federal Public Service Economy is responsible for monitoring 

compliance  with  the  rules  and  requirements  regarding  the  conduct  of  business  and  consumer 

protection applicable to payment services17 under the Belgian Code of Economic Law. In so far as 

the new obligations under the draft law qualify as consumer protection law, it may be appropriate for  

the same authority, or other authorities that are currently performing consumer protection tasks, to 

be given the task of supervising compliance with the new obligations. 

4.2  Regarding  the  obligation  for  credit  institutions  to  ensure  sufficient  and  effective  access  to  cash 

throughout the country, the ECB notes that the proposed regulation on the legal tender of euro cash 

establishes that Member States are to designate one or more national competent authorities ‘with 

the required powers as regards acceptance of payments in cash and access to cash, and over the 

cash-related market activities of the cash industry’18. These authorities will, inter alia, be responsible 

for monitoring and assessing the situation in their Member State regarding access to cash and will 

notify  the  results  of  such  monitoring  and  assessment  to  the  Commission  and  the  ECB  in  annual 

reports19. The annual reports will also indicate the remedial measures the Member State commits to 

taking if it considers that sufficient and effective access to cash is not ensured20.  

4.3  The ECB understands that the designation of the NBB as the competent authority for the supervision 

of the new obligations that would be inserted into the Banking Law could raise questions regarding 

the  liability  regime  applicable  to  the  NBB.  In  this  respect,  the  ECB  understands  that  the  existing 

liability regime in relation to the NBB’s prudential supervision tasks provides that the NBB will not be 

liable for any act or omission in carrying out its supervisory tasks, except in cases of gross negligence 

or fraud. In order to ensure legal certainty in this respect, it should be clarified in the draft law whether 

the new task conferred by the draft law on the NBB would fall within the scope of this limitation of 

liability, to the extent permitted under the national legal framework. 

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See Article 4(1), point (a), of the SSM Regulation. 

See Book VII, Title 3 of the CEL. 
Article 9(1) of the proposed regulation on the legal tender of euro cash.   
Articles 8 and 9 of the proposed regulation on the legal tender of euro cash 

Article 9(4) of the proposed regulation on the legal tender of euro cash. 

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4.4  The ECB notes that the draft law does not specify how the new task assigned to the NBB  is to be 

financed. As the task is attributed to the NBB as the ‘supervisory authority’ in the Banking Law, there 

may  be  legal  uncertainty  as  to  whether  this  task  will  be  covered  by  the  existing  financing 

arrangements  for  the  NBB’s  prudential  supervision  tasks  under  which  its  costs  are  financed  by 

levying fees on all supervised credit institutions. In the interest of ensuring legal certainty, it should 

be clarified in the draft law how the new task would be financed.  

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 8 September 2023. 

[signed] 

The President of the ECB 

Christine LAGARDE 

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