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Implementation of the Commission Recommendation on banking charges for the conversion of the euro


Implementation of the Commission Recommendation on banking charges for the conversion of the europdf Choose translations of the previous link 

Summary and main conclusions

This report was prepared to meet the Commission’s commitment to carry out, before the end of 1998, an initial evaluation of the implementation of its Recommendation 98/286/EC on banking charges for conversion to the euro. The report sets out, as a basis for consultation, the information that the Commission has received from European banking associations about the intention of their member banks to implement the Recommendation. The report gives a summary of the situation in each Member State participating in the euro, as well as an overall picture for each of the four European banking associations who were asked to provide information (the European Banking Federation, the European Savings Banks Group, the European Association of Co-operative Banks and the European Mortgage Federation).
On the basis of the information provided by the banking associations, the Commission’s preliminary assessment in the report is that banks in the euro area intend to implement the Recommendation. However, it was not possible before 1 January 1999 to state with certainty whether banks' intentions to implement the Recommendation would be effectively carried out in practice in every case. The report therefore suggests a mechanism for the Commission to receive information from any individuals or organisations if they have evidence that the Recommendation is not being applied in practice from 1 January 1999. The Commission will take account of any such information which it receives in deciding on any further action which may be necessary.

(Euro Papers 30. December 1998. Brussels. Tab. Ann. Free.)

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