Dáil Éireann díospóireacht -
Tuesday, 19 Feb 2002

Vol. 548 No. 5

Written Answers. - EU Regulations.

Thomas P. Broughan

Ceist:

69 Mr. Broughan asked the Minister for Finance when it is intended to implement here the EU directive of November 2001 requiring common charges by banks within the eurozone of such items as withdrawals from cash machines, the use of bank cards, credit transfers and cheques; and if he will make a statement on the matter. [5547/02]

Minister for Finance (Mr. McCreevy):

The measure the Deputy is referring to is an EU regulation and not a directive. Regulations are directly applicable in member states.

The Regulation on Cross-Border Transfers (No. 2560/2001), agreed by the Council of Ministers and by the European Parliament last December, has established the principle that charges levied by an institution in respect of cross-border consumer payments in euro will be the same as the charges levied by the same institution for corresponding domestic payments. Although this regulation does not apply to cheques, it will ensure that costs of other convenient methods of cross-border payments are reduced. To be specific, the regulation provides that with effect from 1 July charges for electronic payments in euro, such as cash withdrawals using an ATM card, shall be the same at both the domestic and cross-border level; and with effect from 1 July 2003 there shall be a similar equalisation of charges at domestic and cross-border level in the case of other transfers such as credit transfers.

The regulation will initially apply to crossborder payments in euro up to €12,500. From 1 January 2006 this limit will be increased to €50,000.