Brussels, 28/06/2007 (Agence Europe) - On Wednesday, the European Commission confirmed the agreement reached with the United States on how American authorities may in future have access to banking data transferred by the company Swift to the US Treasury Department. Last week, EUROPE had announced that a preliminary agreement had been sealed (for more details see EUROPE 9450). On Thursday, during the Environment Council, the EU Council endorsed the content of this agreement concluded in the form of an exchange of letters. “The EU will now have the necessary guarantees that the US Treasury processes data it receives from Swift's mirror server in the USA in a way which takes account of EU data protection principles”, Security Commissioner Franco Frattini said. After the attacks of 11 September 2001, Swift was compelled to provide the US Treasury Department with data in its possession on financial transfers, in violation of European law (EUROPE 9313). Further to the agreement, Mr Frattini calls on Swift and the other banking institutions to “take all the necessary steps to ensure their quick compliance with European data protection law”. In line with the agreement reached, data not taken from the databank may be retained for no more than five years, and may be used only for purposes of counter-terrorism, even when such data is shared with agencies other than the Treasury or with third countries. On the other hand, data that has already been taken benefit from another regime as their duration of retention will depend on the rules applied to each agency to which data is entrusted (e.g. the CIA). Swift should also subscribe in July to the Safe Harbour Agreement (secure information), which took effect in 2001. A European official will be appointed with the relevant US authorities to supervise compliance with the commitments taken. Mr Frattini added that Swift will be under an obligation to inform its clients and the relevant Belgian authorities whenever it transfers personal data to the United States. (bc)