About this initiative

Reference
Ares(2017)3372443
Type
Inception impact assessment

Roadmaps and inception impact assessments describe the scope, purpose and timing of new laws and policies. They also set out plans for evaluations of existing laws or ‘fitness checks’ of multiple laws.

More on roadmaps and inception impact assessments

Full title

Review Regulation (EC) N°924/2009 on cross-border payments in order to extend its scope to all non-Euro currencies in the Union

Department
Directorate-General for Financial Stability, Financial Services and Capital Markets Union
Download (211 KB - PDF - 3 pages)

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  • Austrian Federal Economic Chamber, Division Bank and Insurance (Austria)
    2 August 2017 Business association

    Austrian Federal Economic Chamber, Division Bank and Insurance (Austria)

    On behalf of the Division Bank and Insurance of the Austrian Federal Economic Chamber, the legal representation of the whole Austrian banking industry, I would like to submit the following comments: We are very critical of the proposal to regulate fees for cross-border payments in non-Euro-currencies. The transactions in foreign currencies concerned are not processed in the SEPA-system and therefore far more effort and costs are necessary to...

  • Anonymous (United Kingdom)
    2 August 2017 Company/business organisation

    Anonymous (United Kingdom)

    TransferWise supports any action that reduces the cost of non-domestic currency cross-border payments for consumers. Whilst there may be additional costs for these transactions compared to euro-to-euro transactions, we believe that often these costs are artificially inflated to increase financial institutions profits, and these charges are being hidden in order to mislead consumers in overly complex pricing display. Transparency New,...

  • European Association of Public Banks (Belgium)
    2 August 2017 Business association

    European Association of Public Banks (Belgium)

    The European Association of Public Banks (EAPB) gathers over 30 member organisations which include promotional banks such as national or regional public development banks and local funding agencies, public financial institutions, associations of public banks and banks with similar interests from 17 European Member States and countries, representing directly and indirectly the interests of over 90 financial institutions towards the EU and other...

  • Association of German Public Banks (Bundesverband Öffentlicher Banken Deutschlands, VÖB) (Germany)
    2 August 2017 Business association

    Association of German Public Banks (Bundesverband Öffentlicher Banken Deutschlands, VÖB) (Germany)

    The Association of German Public Banks (Bundesverband Öffentlicher Banken Deutschlands, VÖB) is a leading industry association in the German banking industry and represents nowadays 63 member institutions including the regional banks (Landesbanken) as well as the development banks owned by the federal and state governments. Generally speaking, we see no special need for any action to extend the scope of Regulation (EC) 924/2009 to cover all...

  • Romanian Association of Banks (Romania)
    1 August 2017 Business association

    Romanian Association of Banks (Romania)

    Romanian Association of Banks represents the interests of all Romanian banks. We see no need to review the Regulation no. 924/2009 and it is our belief that by just aligning the fees for all local currency transfers the goal is far for being achieved, as long as from an operational point of view there are still significant gaps to be addressed. We would like to stress the most relevant differences from the processing flow perspective between a...

  • European Association of Co-operative Banks (EACB) (Belgium)
    31 July 2017 Business association

    European Association of Co-operative Banks (EACB) (Belgium)

    The European Association of Co-operative Banks (EACB) sees no need for an action to extend Regulation (EC) 924/2009 to all currencies or other EU currencies. Cross-border transactions in non-Euro currency account for a very limited proportion of all transactions in the European Union. Therefore we believe that any action envisaged by the European Commission in this field should take into account the principle of proportionality. Generally...

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