Luxembourg, 26/11/2003 (Agence Europe) - In a case called 'Peter Paul', the Advocate General Christine Stix-Hackl issued conclusions in which she argues that no directives relating to banking law confer on individuals the right to demand the establishment of adequate measures by the national authorities and to hold them responsible for failings, indicates a Court of Justice Communiqué.
Peter Paul and other customers of the bankrupt German BVH bank sued the German Federal Republic from whom they demanded reparations for damages exceeding the sum of EUR 20,000 they had obtained from a German court for the late transposition of the EU directive on deposit-guarantee schemes. For the Advocate General, bank customers cannot demand reparations above what is foreseen by the Directive. They also cannot invoke other banking directives, which cite the protection of investors in their 'preambles,' as the consequence of preambles do not go so far as to permit individuals to claim rights from them, indicates the Court.