Brussels, 15/07/2005 (Agence Europe) - The European Commission has launched revision of two banking directives. The first concerns electronic money and dates back to 2000. Conceived and adopted at the height of the electronic commerce boom, it was intended to facilitate access by establishments other than banks to the emission of electronic money. Technological progress, however, has promoted the appearance of new methods of payment (mobilphone, transport cards and internet facilities). Also, indepth review of the directive has become necessary, in addition to consultation with member States and an independent study entrusted to consultants. A report containing recommendations will be presented in spring 2006.
The second directive concerns deposit guarantee systems. It dates from 19943 and makes it an obligation for all Member Sates to establish a system for compensating depositors. It fixes a minimum guarantee level of EUR 20,000. Thus, is there is no bank, the persons who have deposited their money may recover the same amount. Nonetheless, the deposit guarantee systems vary from one Member State to the next, which can cause difficulties, mainly in the pan-European banking structures. More generally, these differences in the systems may entail the development of a legal framework for crossborder groups from the point of view of competition and financial stability, hence the need to review the directive.
European Internal Market Commissioner Charlie McCreevy said the reviews are the proof that the Commission is seeking in earnest to improve the rules.