ORGANIZATION IN AGREEMENT WITH THE EUROCHEQUE ASSEMBLY ( POINT 20 ) , WHICH APPLIES TO ALL UNIFORM EUROCHEQUES DRAWN IN THAT COUNTRY ( POINT 24 ) .
( 35 ) IN VIEW OF THE INCREASING INTERPENETRATION OF NATIONAL MARKETS WITHIN THE COMMON MARKET AND THE VOLUME AND OVERALL VALUE OF UNIFORM EUROCHEQUES DRAWN IN EACH MEMBER STATE BY VISITORS FROM OTHER MEMBER STATES ( POINTS 8 AND 9 ) , A PRICE AGREEMENT OF THIS KIND MAY APPRECIABLY AFFECT COMPETITION ON THE CURRENCY EXCHANGE MARKET BETWEEN MEMBER STATES .
C . ARTICLE 85 ( 3 )
( 36 ) THE FOUR CRITERIA FOR EXEMPTION UNDER ARTICLE 83 ( 2 ) ARE MET IN THIS CASE , FOR THE REASONS SET OUT BELOW .
1 . IMPROVEMENT OF THE PAYMENT SYSTEM
( 37 ) THE EUROCHEQUE SYSTEM ITSELF , AND THE AGREEMENTS AND DECISIONS WHICH CAME INTO FORCE ON 1 MAY 1981 , CONTRIBUTE TO IMPROVING PAYMENT FACILITIES WITHIN THE COMMON MARKET .
( A ) CHEQUES GUARANTEED UNDER THE EUROCHEQUE SYSTEM MAY BE DRAWN OUTSIDE THE COUNTRY OF THE INSTITUTION WHICH ISSUED THEM AND CASHED AT BANKS ESTABLISHED IN SEVERAL FOREIGN COUNTRIES , INCLUDING THE COMMUNITY MEMBER STATES .
( B ) IN THEIR UNIFORM FORMAT , ADOPTED BY THE MAJORITY OF ISSUING INSTITUTIONS , EUROCHEQUES MAY BE DRAWN IN THE LOCAL CURRENCIES OF SEVERAL COUNTRIES , INCLUDING THE COMMUNITY MEMBER STATES . UNDER THE AGREEMENTS AND DECISIONS IN FORCE SINCE 1 MAY 1981 , THESE UNIFORM EUROCHEQUES ARE , SUBJECT TO CERTAIN EXCEPTIONS ( POINT 22 ) NOW PAID IN FULL , WITHOUT DEDUCTION OF ANY COMMISSION , BY THE PAYEE BANKS ( POINT 17 ( C ) ) , WHICH MAKES THEM MORE ACCEPTABLE TO THE TRADING SECTOR . IN THE CASE OF CERTAIN BANKS WHICH ONLY APPLY THE AGREEMENTS IN PART , BEARERS OF EUROCHEQUES ARE OR WILL BE INFORMED , IN ANY EVENT , OF THE COST OF ENCASHING A FOREIGN UNIFORM EUROCHEQUE .
( C ) CENTRALIZED CLEARING MAKES IT EASIER FOR THE PAYEE BANKS TO OBTAIN REIMBURSEMENT OF THE FOREIGN UNIFORM EUROCHEQUES WHICH THEY ACCEPT . THIS ADVANTAGE IS PARTICULARLY IMPORTANT TO CREDIT INSTITUTIONS IN COUNTRIES WITH A HEAVY TOURIST TRADE .
2 . BENEFIT TO USERS
( 38 ) THE USERS OF THE EUROCHEQUE SYSTEM OBTAIN A FAIR SHARE OF THE RESULTING BENEFIT .
( A ) IN PRACTICE ALL EUROPEAN CURRENCIES ARE MADE AVAILABLE TO HOLDERS OF EUROCHEQUES . THEY MAY DRAW CASH AS NEEDED FROM CREDIT INSTITUTIONS IN ANY FOREIGN COUNTRY THEY ARE VISITING . FOR SUCH TRANSACTIONS THEY ENJOY THE BENEFIT OF THE GUARANTEE PROVIDED BY THEIR OWN BANK .
( B ) THEY ALSO ENJOY THE BENEFIT OF A PERIOD OF INTEREST-FREE CREDIT BEFORE THE CHEQUE DRAWN ABROAD IS CLEARED .
( C ) HOLDERS OF UNIFORM EUROCHEQUES MAY ALSO USE THEM TO PAY THEIR EXPENSES DIRECT IN THE TRADING SECTOR OF FOREIGN COUNTRIES . THE EUROCHEQUE WILL BE HONOURED TO THE AMOUNT DRAWN IN LOCAL CURRENCY , WITH