aplicación de la recomendación de la comisión sobre las

Bruselas, 8 de diciembre de 1998
XV/118/98
APLICACIÓN DE LA RECOMENDACIÓN DE LA COMISIÓN SOBRE LAS COMISIONES
BANCARIAS POR LA CONVERSIÓN A EUROS
DOCUMENTO DE TRABAJO DE LOS SERVICIOS DE LA COMISIÓN
Dirección General XV, Mercado Interior y Servicios Financieros
Dirección General II, Asuntos Económicos y Financieros
Dirección General XXIV, Política de los Consumidores y Protección de su Salud
8 de diciembre de 1998
APLICACIÓN DE LA RECOMENDACIÓN DE LA COMISIÓN SOBRE LAS COMISIONES
BANCARIAS POR LA CONVERSIÓN A EUROS
Índice
Página
Introducción
3
Procedimiento de seguimiento
3
Evaluación preliminar
3
Cumplimiento de la Recomendación por parte de los miembros de las
asociaciones bancarias europeas
4
Cumplimiento de la Recomendación en cada Estado miembro
participante
4
Definición de cantidades "de uso doméstico"
6
Información a los clientes
7
Anexo A - Contenido de la Recomendación
Anexo B - Datos sobre cuotas de mercado
Anexo C - Datos facilitados por la Federación Bancaria Europea
Anexo D - Datos facilitados por la Agrupación Europea de Cajas de Ahorros
Anexo E. - Datos facilitados por la Asociación Europea de Bancos Cooperativos
Anexo F - Datos facilitados por la Federación Hipotecaria Europea
Este es un documento de trabajo de los servicios de la Dirección General XV (Mercado Interior y
Servicios Financieros), la Dirección General II (Asuntos Económicos y Financieros) y la Dirección General
XXIV (Política de los Consumidores y Protección de su Salud) de la Comisión.
Se puede obtener a través de Internet (http://europa.eu.int/comm/dg15) o solicitándolo a la DG XV (fax:
(32 2) 295 07 50).
2
APLICACIÓN DE LA RECOMENDACIÓN DE LA COMISIÓN SOBRE LAS
COMISIONES BANCARIAS POR LA CONVERSIÓN A EUROS
Introducción
El presente informe se ha elaborado para cumplir el compromiso de la Comisión de llevar a cabo,
antes de finalizar 1998, un primera evaluación de la aplicación de la Recomendación 98/286/CE
sobre las comisiones bancarias por la conversión a euros1. El informe recoge, como base de
consulta, la información que la Comisión ha recibido de las asociaciones bancarias europeas
relativa a la intención de sus bancos miembros de aplicar la Recomendación. Por consiguiente, su
objetivo es contribuir a la transparencia y no representa la opinión definitiva de la Comisión al
respecto. El contenido de la Recomendación figura en el Anexo A.
Procedimiento de seguimiento
En julio de 1998, la Comisión pidió a la Federación Bancaria Europea (FBE), a la Agrupación
Europea de Cajas de Ahorros (AECA), a la Asociación Europea de Bancos Cooperativos
(AEBC) y a la Federación Hipotecaria Europea (FHE) que comunicase, a más tardar el 1 de
noviembre de 1998, si sus miembros tenían la intención de aplicar la Recomendación, y en qué
medida. En el Anexo B figura la cuota de mercado de sus bancos miembros en cada Estado
miembro participante. Sus respuestas, basadas en la información recibida de sus asociaciones
nacionales, se adjuntan en los anexos C, D, E y F. En el presente informe se resume la
información facilitada por las asociaciones bancarias europeas, salvo en el apartado relativo a la
evaluación preliminar por parte de la Comisión.
Evaluación preliminar
Partiendo de la información facilitada por la FBE la AECA, la AEBC y la FHE, la primera
observación de la Comisión es la de que los bancos de la zona del euro se proponen aplicar la
Recomendación.
En numerosos casos ya resulta evidente que los bancos aplicarán plenamente la Recomendación y
parece claro que en todos los casos se seguirán los principales principios de ésta. No obstante, en
un pequeño número de aspectos concretos indicados en este informe - por ejemplo, relativos a la
transparencia y a la definición de "cantidades de uso doméstico"- las distintas posiciones no
están completamente claras.
Evidentemente, antes del 1 de enero de 1999 no es posible tener la seguridad de que las
intenciones actuales de los bancos de aplicar la Recomendación se harán realidad en cada caso.
La Comisión publicará este informe, junto con la información proporcionada por las asociaciones
bancarias europeas. Se invita a las organizaciones de consumidores y a los mediadores europeos
y, en su caso nacionales a que informen a la Comisión de los casos en los que les conste que las
prácticas de los bancos se apartan de la Recomendación y del presente informe. Asimismo, se
En el apartado 4 del artículo 2 de la Recomendación 98/288/CE de la Comisión relativa al diálogo, al
seguimiento y a la información para facilitar la transición al euro se establece que: "Con vistas a examinar por
primera vez la aplicación de estas normas [de buenas prácticas] antes de que finalice 1998, la Comisión pide [...] a
las asociaciones bancarias nacionales que, antes del 1 de noviembre de 1998, la informen, a través de las
asociaciones europeas, sobre la forma en que los bancos tienen previsto poner en práctica las mencionadas
normas."
1
3
invita a los clientes a enviar esta información a la dirección de su banco, en primera instancia, y a
la organización de consumidores más apropiada, a escala local o nacional (en algunos casos,
podría tratarse de observatorios sobre el euro creados de conformidad con la Recomendación
98/288/CEE relativa al diálogo al seguimiento y a la información para facilitar la transición al
euro). Se anima, asimismo, a estas organizaciones a transmitir la información a través de las vías
habituales de forma que esta pueda hacerse llegar a la Comisión en su caso.
En su labor de seguimiento de la aplicación de la Recomendación, la Comisión tendrá en cuenta
toda la información de esta naturaleza que reciba a partir del 1 de enero de 1999 a la hora de
decidir las acciones que pueden resultar necesarias. Podrá pedirse a las asociaciones bancarias
europeas
y
nacionales
que
faciliten
información
relativa
a
la
aplicación
práctica
de
la
Recomendación.
Cumplimiento de la Recomendación por parte de los miembros de las asociaciones
bancarias europeas
FBE: En
todos los Estados miembros participantes, las asociaciones bancarias que pertenecen a
la Federación Bancaria Europea han confirmado que sus bancos miembros aplicarán los
principios de la Recomendación. La FBE publicó un comunicado de prensa el 4 de noviembre de
1998, así como un documento constituido de preguntas y respuestas bajo el título de
"Orientaciones sobre los servicios bancarios para los clientes privados", en donde se confirma
este punto.
AECA:
Las cajas de ahorros europeas se proponen aplicar plenamente la Recomendación de la
Comisión y el 4 de diciembre de 1998 publicaron una Carta de derechos en la que confirmaban
esta intención.
AEBC:
La información recogida por la Asociación Europea de Bancos Cooperativos indica que
éstos cumplirán la Recomendación y ofrece detalles relativos a Austria, Finlandia, Francia,
Alemania, Luxemburgo, Países Bajos, Portugal y España. En lo que se refiere a los tres restantes
Estados miembros participantes - Bélgica, Irlanda e Italia -, la AEBC afirma que los bancos
cooperativos no se apartarán de las decisiones ya adoptadas a nivel nacional.
FHE: La información facilitada por la FHE se refiere a la actividad hipotecaria y pretende ofrecer
un panorama global de este sector. Por ello, esta información no se refiere a un determinado tipo
o grupo de instituciones sino a un determinado servicio financiero (el préstamo hipotecario)
ofrecido por numerosos tipos de instituciones, entre las que cabe destacar las sociedades de
crédito hipotecario, los bancos comerciales y las cajas de ahorros. La información proporcionada
por la Federación Hipotecaria Europea indica que las entidades de crédito hipotecario aplicarán
la Recomendación.
Cumplimiento de la Recomendación en cada Estado miembro participante
La información facilitada por las asociaciones bancarias europeas, resumida a continuación,
indica que la forma de cumplimiento de la Recomendación varía entre Estados miembros
participantes. En algunos casos, los principios de la Recomendación están incluidos en la
legislación nacional. En otros, se incluyen en orientaciones o normas de buenas prácticas
nacionales o se adoptan mediante decisiones voluntarias de los bancos. Además, la Carta de
4
derechos de la Agrupación Europea de Cajas de Ahorros es aplicable a las cajas de ahorros de
todos los Estados miembros participantes.
En el resto del informe, el término "bancos" incluye los bancos comerciales, las cajas de ahorro,
los bancos cooperativos y las entidades de crédito hipotecario.
Austria:
La Asociación bancaria austríaca ha recomendado la plena aplicación de la
Recomendación mediante un "Código nacional de buenas prácticas". Se espera que los miembros
de la asociación cumplan dicho código. Los dos grupos de bancos cooperativos ha definido un
conjunto de orientaciones sobre la Recomendación que han de aplicar todos los bancos afiliados.
La Asociación austríaca de cajas de ahorros confirma el pleno cumplimiento de la
Recomendación. El canje de billetes y monedas está contemplado en las disposiciones legislativas
del plan nacional de transición.
En Bélgica, los bancos deberán cumplir el artículo 59 de la "Ley sobre el euro", que
aplica el artículo 2 de la Recomendación relativo la gratuidad de la conversión. También se
espera que los bancos apliquen voluntariamente las disposiciones de la Recomendación en
materia de transparencia.
Bélgica:
Finlandia: Se espera que los bancos sigan las orientaciones de la Recomendación. La Asociación
bancaria finlandesa, que representa el 99% del sector bancario finlandés, ha anunciado la
intención de sus miembros de aplicar la Recomendación. En Finlandia no se definirán unas
cantidades "de uso doméstico" de billetes y monedas, lo que significa que no se limitará la
cantidad de billetes y monedas que podrá canjearse gratuitamente.
Francia:
La AFECEI, que representa a todas las entidades de crédito de Francia, publicó el 29
de junio de 1998 una declaración que es ampliamente coherente con la Recomendación y que se
espera cumplan sus miembros. Además, el Ministerio de Economía, Hacienda e Industria publicó
un comunicado de prensa el 1 de julio de 1998 en el que se indicaba que el sector bancario se
había comprometido en el Comité nacional del euro a realizar gratuitamente las conversiones de
carácter escritural. Desde entonces, la AFECEI ha confirmado su política de transparencia al
declarar que, en sus extractos de cuenta, los bancos presentarán los importes en francos y en
euros (doble indicación) cuando la unidad monetaria en la que se origine un pago difiera de la
unidad en que se lleve la cuenta. La Federación Hipotecaria Europea ha afirmado que, aunque no
se han realizado declaraciones relativas a los préstamos hipotecarios a nivel nacional, es probable
que la gran mayoría de entidades hipotecarias no cobren comisiones por conversión de los
importes de los préstamos hipotecarios durante el periodo transitorio o por la emisión de nuevas
tablas de amortización, y que no se ha indicado lo contrario.
Alemania: El Comité Central de Crédito (ZKA), que representa a todo el sector crediticio alemán
ha acordado respetar las disposiciones de la Recomendación. La Asociación federal de bancos
alemanes considera que todos sus miembros se proponen aplicarla, al igual que los bancos de la
AEBC y AECA de Alemania.
Irlanda:
Los bancos y las sociedades de crédito hipotecario han acordado y publicado unas
"Normas de buenas prácticas" conformes a la Recomendación.
5
Italia:
La Asociación bancaria italiana, que representa el 99% del sector bancario de Italia, ha
recomendado que sus miembros cumplan la Recomendación y espera que así lo hagan. La
política de esta Asociación se ha publicado en el Plan nacional de transición monetaria.
Luxemburgo:
El "Acuerdo general sobre orientaciones para la conversión a euros" se ajusta a la
Recomendación y se espera que todo los bancos lo apliquen. No se definen las cantidades "de uso
doméstico" de billetes y monedas, no limitándose pues el importe de billetes y monedas que se
pueden canjear gratuitamente.
Países Bajos: Se espera que todos los bancos de los Países Bajos
apliquen la Recomendación. El
Foro Nacional ha publicado unas Orientaciones nacionales relativas al escenario de introducción
del euro.
Portugal:
En Portugal, todos los bancos han suscrito unos "Principios buenas prácticas" para la
conversión a euros, que se ajustan al contenido de la Recomendación.
España: El "Proyecto de ley sobre el euro" abarca el contenido de la Recomendación, excepto en
lo que se refiere a la transparencia. Se espera que los bancos apliquen voluntariamente las
disposiciones sobre transparencia contenidas en la Recomendación. El proyecto de ley no limita
el canje gratuito de billetes y monedas a unas cantidades "de uso doméstico". No se aplicarán
comisiones al canje de pesetas por euros, y ello con independencia del importe.
Definición de "cantidades de uso doméstico"
La Recomendación establece que los bancos deberían cuantificar de forma transparente, por
volumen y frecuencia, las "cantidades de uso doméstico" de billetes y monedas que canjearán
gratuitamente a los clientes. La información facilitada por las asociaciones bancarias europeas
indica que, en los casos en que ya se ha tratado la cuestión de las cantidades de uso doméstico, el
contenido de la Recomendación ha sido superado en la medida en que se han adoptado
decisiones a nivel nacional o a nivel de grupos de bancos. La situación es la siguiente:
En Finlandia, Luxemburgo y España, no se han definido "cantidades de uso doméstico", por lo
que los billetes y monedas se podrán canjear gratuitamente con independencia de su importe. En
Austria el proyecto de ley de fijación de precios en euros, que contempla el canje de billetes y
monedas, establece que no se podrán aplicar comisiones al canje de chelines por euros por debajo
de una "cantidad de uso doméstico", que, conforme al texto más reciente del proyecto de ley,
estaría comprendida entre 30 000 y 35 000 chelines. En Irlanda, la "cantidad de uso doméstico"
de billetes y monedas ya se ha definido como "un total global de como mínimo 500 libras
irlandesas" en las Normas de buenas prácticas acordadas por lo bancos y las sociedades de
crédito hipotecario, mientras que en Portugal se ha fijado esta cantidad en 500 euros en los
Principios de buenas prácticas. En Bélgica, los bancos han confirmado que, en principio, el canje
de billetes y monedas será gratuito para unos importes razonables, que se definirán
posteriormente. En Francia, Alemania, Italia y los Países Bajos, aún no está clara la posición en
relación con la "cantidad de uso doméstico".
La Agrupación Europea de Cajas de Ahorros ha afirmado que, aunque es razonable evitar la
determinación a escala europea de lo que se entiende exactamente por "cantidad de uso
doméstico", en todos los Estados miembros participantes sus miembros se han comprometido a
canjear gratuitamente los billetes y monedas nacionales por billetes y monedas en euros a los
6
clientes, aunque esto deba considerarse a la luz de lo que pueda constituir razonablemente la
cantidad de uso doméstico (muy probablemente se considerará "razonable" un importe de hasta
500 euros).
Información a los clientes
A nivel europeo, el 4 de noviembre de 1998, la Federación Bancaria Europea publicó un
documento constituido de preguntas y respuestas bajo el título de Orientaciones sobre los
servicios bancarios para los clientes privados, en el que se recogen los principios de la
Recomendación y al que dio amplia difusión.
El 4 de noviembre de 1998, la Agrupación Europea de Cajas de Ahorros publicó una Carta de
derechos en relación con el euro, en la que se recoge el contenido de la Recomendación y a la
que se dará amplia difusión.
La información recibida de las asociaciones bancarias europeas también ofrece detalles sobre la
información de los clientes a nivel nacional. Los bancos de la zona del euro ya han comunicado a
sus clientes si van a aplicar la Recomendación, y en qué medida, y ello generalmente mediante
folletos, aunque a veces también mediante otros medios.
En Austria, los bancos miembros de la FBE han acordado una transparencia máxima respecto de
sus clientes en su "Manual - Escenario para la introducción de la moneda única en los pagos en
Austria".
En Bélgica, en donde existe una Ley sobre el euro, la mayoría de los bancos han informado a los
clientes por medio de folletos.
En Finlandia, la Asociación bancaria finlandesa publicó el 23 de noviembre un comunicado de
prensa en el que se afirma que los bancos aplicarán la Recomendación, y los bancos han
informado a sus clientes acerca de la conversión mediante folletos o comunicaciones.
En Francia, los bancos miembros de la FBE han informado generalmente a sus clientes de que la
conversión a euros de las cuentas y de los pagos escriturales se llevará a cabo gratuitamente.
En Alemania, en donde los bancos han realizado gran número de publicaciones relativas a la
introducción del euro, los bancos miembros de la FBE explicarán el contenido de la
Recomendación mediante cartas o folletos.
En Irlanda, los clientes serán informados por su propia institución, a raíz de las negociaciones
mantenidas con el Director de Asuntos de Consumo.
En Italia, se publicará un folleto informativo sobre el euro elaborado por la Asociación bancaria
italiana conjuntamente con las asociaciones de consumidores, y cada banco lo pondrá a
disposición de sus clientes.
En Luxemburgo, la ABBL ha publicado un folleto ("El euro en 99 preguntas"), que se ha puesto
a disposición de todos los bancos interesados. El antiguo Instituto Monetario de Luxemburgo ha
publicado un folleto ("Aspectos prácticos del euro"), que se ha distribuido a todos los hogares
de Luxemburgo.
7
En los Países Bajos, se ha publicado el documento del Foro Nacional titulado "Escenario para
la introducción del euro" y el folleto de NVB "Introducción del euro en el sistema de pagos
interno".
En Portugal, el 50% de los bancos miembros de la FBE ya han informado a sus clientes mediante
folletos, comunicaciones, boletines informativos y otros medios, y se publicarán los Principios de
buenas prácticas.
En España, en donde el proyecto de ley ha tenido un amplio eco en la prensa, algunos bancos
miembros de la FBE ya han informado a sus clientes mediante folletos y otros medios.
Además de la Carta de derechos en relación con el euro de la Agrupación Europea de Cajas de
Ahorros, que se distribuirá en todos los Estados miembros participantes, todas las cajas de
ahorros de España y Alemania ya han comunicado, a través de su asociación nacional, su
intención de aplicar la Recomendación.
Los bancos cooperativos de Finlandia, Francia, Alemania, Luxemburgo, Países Bajos y Portugal
informarán a sus clientes antes del 1 de enero de 1999 en relación con la aplicación de la
Recomendación. El 80% de los bancos cooperativos de España ya lo han hecho y los Raiffeisen
Banken de Austria han publicado sus Normas de buenas prácticas.
Una gran mayoría de las entidades de crédito hipotecario de Luxemburgo, una mayoría de
Francia y España, el 90% de Bélgica y el 100% de Austria y Finlandia ya han comunicado a sus
clientes si aplicarán la Recomendación y en qué medida. Las entidades hipotecarias de los
restantes Estados miembros participantes, a excepción de Portugal, en donde no se dispone de
esta información, comunicarán a sus clientes antes del 1 de enero de 1999 si aplicarán la
Recomendación y en qué medida.
8
Anexo A
Contenido de la Recomendación
La Comisión recomienda que los bancos apliquen unas normas de buenas prácticas en lo que se
refiere a la conversión sin comisiones. Dichas normas deberán incluir:
a) Prácticas que a juicio de la Comisión constituyen un requisito legal:

Conversión gratuita a la unidad euro de los ingresos denominados en la unidad monetaria
nacional, y viceversa, durante el periodo transitorio;

Conversión gratuita a la unidad euro de las cuentas denominadas en la unidad monetaria
nacional al término del periodo transitorio;

Cobro de comisiones iguales por servicios denominados en la unidad euro y por servicios
idénticos denominados en la unidad monetaria nacional.
b) Otras prácticas recomendadas:

Conversión gratuita a la unidad euro de los pagos denominados en la unidad monetaria
nacional, y viceversa, durante el periodo transitorio;

Conversión gratuita a la unidad euro de las cuentas denominadas en la unidad monetaria
nacional durante el periodo transitorio;

Canje gratuito para los clientes (es decir, los titulares de cuentas) de billetes y monedas
nacionales por billetes y monedas en euros, en cantidades "de uso doméstico", durante el
periodo final, y la cuantificación de manera transparente de las cantidades "de uso doméstico",
por volumen y frecuencia.
La Recomendación también establece que:

Las conversiones y canjes habrían de ser transparentes, lo que significa que los bancos
deberían mostrar claramente la aplicación de los tipos de conversión de conformidad con lo
dispuesto en el Reglamento (CE nº 1103/97) y consignar por
separado
cualesquiera
comisiones cobradas.

Los bancos deberían comunicar a los clientes antes del 1 de enero de 1999 si se proponen
aplicar la normas de buenas prácticas y en qué medida.

Los bancos deberían publicar, individualmente o en grupos, su intención de aplicar la
Recomendación.
9
Anexo B
Síntesis de los datos facilitados por las asociaciones bancarias europeas relativos a la cuota
de mercado de sus miembros en cada Estado miembro participante
Estado miembro
AUSTRIA
BÉLGICA
FINLANDIA
FRANCIA
ALEMANIA ²
IRLANDA
ITALIA
LUXEMBURGO
PAÍSES BAJOS
PORTUGAL
ESPAÑA
FBE
34%
95%
99%
50%
20%
90%
99%
100%
100%
99%
54%
AECA
31%
15%
8%
12%
31%
3%
27%
50%
6%
38%
44%
AEBC
31%
6%
31%
36%
21%
9%
24%
n.d.*
25%
5%
7%
Total ¹
96%
116%
138%
98%
71%
102%
150%
150%
131%
142%
105%
Fuente: FBE, AECA, AEBC.
1.
2.
En algunos Estados miembros, los bancos pertenecen a más de una asociación.
Aunque las cifras de cuota de mercado para Alemania no suman el 100%, el Comité Central
de Crédito (ZKA) representa a la totalidad del sector crediticio alemán.
* Dato no disponible.
10
ANEXO C
DATOS FACILITADOS POR LA
FEDERACIÓN BANCARIA EUROPEA
11
D8011GED
M4
04.12.1998
QUESTIONS ON IMPLEMENTATION OF THE COMMISSION RECOMMENDATION (No: 98/286/EC) ON
BANKING CHARGES FOR CONVERSION TO THE EURO
__________________________________________________________________________________________________________
______________________The following questions were addressed to national banking associations which are members of the European Banking
Federation. Answers are provided by country. Where relevant documents are indicated in
Commission and are not annexed.
BELGIUM
GERMANY2
SPAIN
FRANCE
IRELAND
ITALY3
LUXEMBOURG
NETHERLANDS
, they have been supplied separately to the European
italics
1. Does your members' policy on banking charges differ in any significant way from the guidelines recommended by
the European Commission? (See annex A to this document.) If so, please state in what way it is different.
No.
No. As far as the Bundesverband deutscher Banken (BdB) knows, all banks intend to implement the Recommendation of the EU Commission
without deviation. The Zentraler Kreditausschuss (central credit committee) which represents the German credit sector has confirmed that all
banks agree to implement the Recommendation.
No.
No. See the press release of the French Ministry of Economic Affairs, Finance and Industry (Annex B to this document). The statement of the
AFECEI (Association Française des Etablissements de Crédit et des Entreprises d’Investissement) of 29 June 1998 provides further
clarification of the banking sector’s policy on bank charges for conversion. AFECEI represents all the credit institutions in France. Since then,
the AFECEI has confirmed its policy on transparency as follows: banks will provide dual display of amounts (francs + euro) on account
statements when the unit of account in which a payment is originated differs from that in which the account is held.
No. Furthermore, the Irish banks and building societies have issued a Standard of Good Practice on Bank Charges for Conversion to the euro
and Dual Display of Amounts which meets all the European Commission Recommendations in these areas.
No. The policy adopted by the Italian Banking Association, which represents the Italian banking system, does not differ from the guidelines
issued by the Commission in Recommendation n° 98/286/EC and has been published in the National Changeover Plan (3 ed, May 1998).
No. On 04.05.1998, the President of the ABBL (Luxembourg Banking Association) signed the “General Agreement on guidelines for the
conversion to the euro”. This text has been worked out together with the Ministry of Finance and has been signed by different national
organisations. Through that signature, the entire text has become the member banks’ policy.
With regard to differences with the Commission Recommendation, it may be noticed that the text makes no reference to “household amounts”.
It only mentions that the conversions will be made free of charge to “the customer who keeps an account …” for unlimited amounts.
No. The Nederlandse Vereniging van Banken agreed on a common policy for all banks which covers all the points of the Commission’s
Recommendation and was published and used as a basis for the national set of guidelines (see question 2).
rd
The managements of all banks have been informed about the EU Recommendations and the expectations of the EU Commission. Due to the “voluntary character” of the Recommendations the BdB has refrained from an explicit
answer regarding their use. The Recommendations were also dealt with in depth in the different committees of the BdB. The replies available to the BdB are thus a representative survey of the envisaged changeover terms and serve
as a basis for answering the questions.
3
Last April, the Italian Banking Association’s Executive Committee – which has the task of determining the guidelines followed by the banks belonging to the Association - agreed to take a guideline mainly based on the principle
of no charges for conversion. The choice thus made is in compliance with the Recommendation n° 98/286/EC.
2
12
1. Does your members' policy on banking charges differ in any significant way from the guidelines recommended by
the European Commission? (See annex A to this document.) If so, please state in what way it is different.
AUSTRIA
No. The managements of all member banks have been informed by the Austrian Bankers’ Association about the EU Recommendations. Their
guidelines have been recommended in full by the Austrian Bankers Association as a Standard of Good Practice.
As far as the exchange of notes and coin is concerned, the policy on bank charges will be regulated by legal provisions within the framework of
the national changeover plan. Within that changeover plan a law on the dual display of prices has been drafted (“EuroWährungsangabengesetz”) which states that dual display will be obligatory for bank accounts and statements as from 01.01.2001. Moreover a
Euro-pricing surveillance agency will be established as from 01.01.1999 to monitor the implementation and the compliance with this
regulation.
PORTUGAL
No. The policy on bank charges is supported by all member banks of the Portuguese Banking Association. They subscribed to a “Code of Good
Practice” for the conversion to the euro, which covers all the points of the Commission Recommendation.
No. Banks are following the guidelines recommended by the European Commission. There will, however, be no definition of “household
amounts” or any limit on the amount of notes and coin that can be exchanged in the changeover period.
FINLAND
13
2. On what basis has the policy on bank charges been agreed?
Voluntary decision by member banks
BELGIUM
Ö
Ö
Ö
FRANCE
IRELAND
ITALY
LUXEMBOURG
Ö
Ö
Ö
NETHERLANDS
Ö
FINLAND
UNITED KINGDOM
See answer to question 1.
Legislation:
If so, please give details.
is an exact copy of
Art. 2 of the Recommendation, i-vi of
annex.
Art. 59 of the euro law
(Now to be enshrined in legislation)
GERMANY
SPAIN
AUSTRIA
PORTUGAL
National set of guidelines
If so, agreed with whom,
issued by whom?
already
approved by Government and submitted to
Parliament. It covers all the Recommendations, but without mentioning
household amounts (states that all currency
exchanges from pesetas to euro will be free
of charge). It does not mention
transparency of information issues either
(banks will voluntarily take action in these
areas).
Proposal of Law related to the euro
Ö (Comité national de l’euro)
Ö
(see 1)
Ö
in National Forum
Art. 26 of the decree-law n° 343/98, dated
6 November 1998, stipulates that all
conversions between euro and escudos are
free of charge.
Ö
Ö
Ö
14
3. The policy on bank charges Is supported by what percentage of your member banks, in terms of number of banks
and their market share (as per Explanatory Note 1)? (If only rough estimates are available, please give these.)
BELGIUM
GERMANY
SPAIN
FRANCE
IRELAND
ITALY
LUXEMBOURG
NETHERLANDS
AUSTRIA
PORTUGAL
FINLAND
Not relevant because the law applies to all financial institutions.
100%. We have presently no information that member banks will not support the Recommendations.
100% (enforced by law).
100%. All credit institutions.
100%.
100% of the banks which belong to the Italian Banking Association which represents 99% of the whole Italian banking system in terms of total
assets.
100%.
100%. No indications that member banks will not support the Recommendations.
100%. We have no information that member banks will not support the Recommendations.
100%.
100%.
15
4. What percentage of your members, in terms of their market share (as per Explanatory Note 1) have already take
the following action (if only rough estimates are available, please provide these):
(i) defined “household amounts” of (ii)altered their method of
banknotes and coin
showing charges for foreign
exchange transactions
(If not, do they intend to do
so before 01.01.99?)
BELGIUM
At this stage, banks will confirm now + 50%
the principle that the exchange of 01.01.99: 100%
notes and coin will be free for
customers and for usual amounts
(to be defined later).
GERMANY
0%. The term “household
amounts” has not yet been
defined. In principle, the
exchange of cash is to be made
free of charge for customers,
however, in view of the costs
involved consideration is being
given to restricting the number of
such transactions (e.g. 1 to 3
exchange transactions). The
support measures by the public
authorities and the Bundesbank,
which are currently being
discussed, should also be
important for the concrete form
of the exchange of cash.
As of 01.01.1999, the fixed
conversion rates will be applied
to foreign exchange transactions.
Charges will be shown separately.
16
(iii)informed their customers (iv) publicised, either individually
about whether and to what
or in groups, their intention
extent they will implement
to implement the Rethe Recommendation?
commendation
In what way have
customers been informed
(e.g. brochure, on bank
statements etc)?
Not relevant because of the law. Not relevant because of the law.
However, most of the banks have
informed their customers via
brochures without reference to
the Recommendation. The banks
will integrate more information
in the next version of their
brochures.
For several months, individual banks have been offering a great
number of publications on the introduction of the euro. Within the
next few weeks, the banks intend to inform their customers with
separate letters or brochures particularly about the important changes
with regard to payments, lending, savings, securities, etc. The
contents of the EU Recommendation – possibly without explicitly
mentioning the term “Code of best practice” – are also to be explained
in a consumer-friendly and transparent way.
4. What percentage of your members, in terms of their market share (as per Explanatory Note 1) have already take
the following action (if only rough estimates are available, please provide these):
(i) defined “household amounts” of (ii)altered their method of
banknotes and coin
showing charges for foreign
exchange transactions
(If not, do they intend to do
so before 01.01.99?)
SPAIN
0%
Will be done before 01.01.99.
FRANCE
Not yet defined.
Not available.
IRELAND
100%
(up to an overall total of at least
IR£500)
Will be done by all member
institutions. They are currently
negotiating their individual
revised charging structures with
the Director of Consumer Affairs
(DCA) which regulates bank
charges.
17
(iii)informed their customers (iv) publicised, either individually
about whether and to what
or in groups, their intention
extent they will implement
to implement the Rethe Recommendation?
commendation
In what way have
customers been informed
(e.g. brochure, on bank
statements etc)?
Some banks.
40%
In brochures, publications,
articles in the press, sponsored
radio programmes, etc. News
about the euro-law (wide press
coverage) has also mentioned
bank charges issues. Banks have
also
informed
customer
organisations.
In general, banks have informed their clients that the conversion of
accounts and scriptural payments to the euro will be free of charge.
Customers will be informed by An industry-level Code of
each individual institution of its Practice has been published.
respective charging structure/
charges following its negotiations
with the Director of Consumer
Affairs.
4. What percentage of your members, in terms of their market share (as per Explanatory Note 1) have already take
the following action (if only rough estimates are available, please provide these):
(i) defined “household amounts” of (ii)altered their method of
banknotes and coin
showing charges for foreign
exchange transactions
(If not, do they intend to do
so before 01.01.99?)
ITALY
Instead of defining a fixed
amount to be applied only once, it
has been decided to regulate the
daily amount of old currency that
can be exchanged with euro
currency or the amount of euro
currency that can be withdrawn
daily without previous (1 working
day) notice. This amount will be
fixed by each bank, following its
security practices and with the
real aim of guaranteeing the
continuity of operations. The
limit will be applied for a very
short period, until the flow-back
of euro cash will be able to
sustain the operativeness of
branches.
(iii)informed their customers (iv) publicised, either individually
about whether and to what
or in groups, their intention
extent they will implement
to implement the Rethe Recommendation?
commendation
In what way have
customers been informed
(e.g. brochure, on bank
statements etc)?
The Italian Banking Association Apart from the publication of the policy adopted by the Italian
is defining the solutions to be banking system on charges for conversion in the Schema Nazionale di
suggested to the banking system Piazza (National Plan for the changeover in the financial sector) of the
as a whole.
Euro Commission, set up at the Treasury, the Italian Banking
Association is preparing specific communication instruments (symbol
of conversion, informative sheets) which the banks will be able to put
at the disposal of their clientele to inform them of the guidelines
followed by the Italian banking system. Moreover, an informative
brochure on the euro, drawn up by the Italian Banking Association
together with the consumer associations, is being published, which
individual banks will put at their clientele’s disposal. In it, attention is
dedicated to the problem of charges for conversion and the policy
taken on the subject by the Italian banking system is described.
18
LUXEMBOURG
Not applicable.
The ABBL is not aware of The ABBL has published a Not applicable (see 3)
intentions to change the present brochure (“L’euro en 99
practice before 01.01.1999.
questions”) which has been made
available to all interested banks.
The
former
Luxembourg
Monetary Institute has published
a brochure (“Europratique”)
which has been distributed to all
households in Luxembourg. The
content of this Central Bank
brochure has been endorsed by
the ABBL as well as by major
retail banks in Luxembourg.
19
4. What percentage of your members, in terms of their market share (as per Explanatory Note 1) have already take
the following action (if only rough estimates are available, please provide these):
(i) defined “household amounts” (ii)altered their method of
of banknotes and coin
showing charges for foreign
exchange transactions
(If not, do they intend to do
so before 01.01.99?)
NETHERLANDS
Not yet defined.
Only GWK.
(iii)informed their customers (iv) publicised, either individually
about whether and to what
or in groups, their intention
extent they will implement
to
implement
the
the Recommendation?
Recommendation
In what way have
customers been informed
(e.g. brochure, on bank
statements etc)?
1. The National Forum Paper:
Individual policy.
“Current Scenario for the
Introduction of the euro (7
April 98)
2. NVB-brochure “Introduction
of
the euro in the domestic
” of February
payments system
AUSTRIA
98.
The Euro Pricing Bill (which As of 01.01.1999 the fixed
applies to the exchange of notes conversion rates will be applied
and coin) stipulates that to foreign exchange transactions.
exchanges from Austrian Charges will be shown separately.
shillings to the euro and vice
versa must not be charged for. In
the latest draft of the law, the free
exchange
of notes and coin will be limited to household amounts. It is envisaged that this will be defined as the average amount spent by an Austrian
household on consumption (approximately ATS 30,000 to 35,000).
Concerning the period before the enforcement of the law, the policy on bank charges is left to the individual decision of each bank. However, in
their “Handbook: Austrian scenario for the Introduction of the Single Currency in Payment Transactions” Austrian banks agreed on a
maximum of transparency vis-à-vis their clients.
The Ministry of Finance (Banking Supervision Authority) is of the opinion that due to the above-mentioned legal provisions there is no need for
further action.
20
4. What percentage of your members, in terms of their market share (as per Explanatory Note 1) have already take
the following action (if only rough estimates are available, please provide these):
(i) defined “household amounts” (ii)altered their method of
of banknotes and coin
showing charges for foreign
exchange transactions
(If not, do they intend to do
so before 01.01.99?)
PORTUGAL
FINLAND
(iii)informed their customers (iv) publicised, either individually
about whether and to what
or in groups, their intention
extent they will implement
to
implement
the
the Recommendation?
Recommendation
In what way have
customers been informed
(e.g. brochure, on bank
statements etc)?
The Code of Good Practice No. They intend to do it on 50% basically through brochures, bank statements, newsletters, and
defined “household amounts” at 01.01.1999.
occasionally through: internet; seminars/meetings; press; direct
500 euros.
contact by account managers. The Code of Good Practice has been
sent to the authorities and will be made public very soon.
0%. See answer to question 1.
No one yet. All banks intend to
The
Finnish
Bankers’ The FBA will publish an
do it before 01.01.1999.
Association (FBA) has published announcement of the intention of
in its Bank Bulletin information its member banks to implement
about the Recommendation. The the Recommendation.
banks have informed their
customers about the conversion in
brochures and bank statements.
21
For answer by non-participating Member States only
5. What percentage of your members, in terms of their market share (as per Explanatory Note 1) intend to alter their
method of showing charges for foreign exchange transactions involving their domestic currency and/or the
currencies participating in the euro (before 1 January 1999) and the euro (after 1 January 1999).
DENMARK
GREECE
SWEDEN
UNITED KINGDOM
According to present information more than 80% of the members of the Association will adopt the following practice:
Foreign exchange transactions on accounts between DKK and EUR or between DKK and national currency units (NCU) will be done according
to the principles applied today, i.e. the banks’ costs will be covered by a spread. Transactions between EUR and NCU and between different
NCUs will be done with the application of the conversion rates and no special fees will be charged. When it comes to foreign currency
transactions with fiduciary money the banks will, as is the case today, charge a handling fee. This fee will be shown separately.
The largest Greek banks have declared orally their intention to comply with the provisions of the Recommendation. This implies that no
charges will be implemented for conversions between euro and NCU and between different NCUs, and any handling fee will be charged
separately, and in a transparent way. Some banks will circulate leaflets that will clarify further their respective policies.
The following practice will be adopted by around 98% of the Association’s members. Foreign exchange transactions on accounts between SEK
and EUR or between SEK and NCU will be done according to the principles applied today, i.e. the banks’ costs will be covered by a spread.
Transactions between EUR and NCU and between different NCUs will be done with the application of the conversion rates and no special fees
will be charged. When it comes to foreign currency transactions with fiduciary money the banks will, as is the case today, charge a handling
fee. This fee will be shown separately.
The Banking Code, which applies to banks’ dealings with personal customers, provides that banks should provide details of the exchange rate
and an explanation of any charges which apply to foreign exchange transactions. So for these customers existing practice is in line with the
Standard for all currencies. For other customers, we surveyed our members. Banks will provide details of the conversion or exchange rate
used, or of the original currency amount, and show any charges separately. This detail may be by way of a separate advice of the transactions
involved rather than appearing on the customer’s statement. About half of the banks responding already do this so there will not be a change.
The same practice will apply to transactions between sterling and euro, or sterling and NCU, or NCU and euro.
22
6. What are the answers to questions 3 and 4 for your 5 largest member banks? (If this information is not available,
please provide examples of banks which have stated they will adhere to the policy).
BELGIUM
GERMANY
SPAIN
FRANCE
IRELAND
ITALY
LUXEMBOURG
NETHERLANDS
AUSTRIA
PORTUGAL
FINLAND
See answers to questions 3 and 4. The law and the Recommendation of the Belgian Bankers’ Association apply to all banks.
See answers to questions 3 and 4.
See answers to questions 3 and 4.
The French banking system has adopted a standard policy as a whole, as shown in the answer to question 3.
(3) 100%
(4.i) 100%. See 4(i) above
(4.ii) See 4(ii) above
(4.iii) See 4(iii) above
(4.iv) See 4 (iv) above
The Italian banking system has adopted a standard policy as a whole, as shown in the answer to question 3.
Not applicable.
See answers to questions 3 and 4.
See answer to questions 3 and 4.
See answers to questions 3 and 4. All Portuguese Banking Association members will adopt the “standard policy”.
All FBA member banks will adhere to the policy.
The FBA intends to publish the information.
The largest banks have published brochures and information on bank statements.
23
7. On what basis (e.g. number of accounts) have you calculated the market share percentages as described in
Explanatory Note 1?
BELGIUM
DENMARK
GERMANY
GREECE
SPAIN
FRANCE
IRELAND
ITALY
LUXEMBOURG
NETHERLANDS
AUSTRIA
PORTUGAL
FINLAND
SWEDEN
Not applicable.
Balance sheet total.
Not applicable.
Not applicable.
Clients’ credits.
Not applicable.
Numbers of deposit and current accounts.
See answer to question 3.
Not applicable.
Not applicable.
Not applicable.
Not applicable.
The number of banks, the markka-denominated loans to the public, and the markka-denominated deposits to the public.
Balance sheet total.
24
BELGIUM
DENMARK
GERMANY
GREECE
SPAIN
FRANCE
IRELAND
ITALY
LUXEMBOURG
NETHERLANDS
AUSTRIA
PORTUGAL
FINLAND
SWEDEN
UNITED KINGDOM
8. What is the approximate market share of your On what basis is this calculated?
member banks?
The Belgian Bankers’ Association represents 109 banks out of 127 in Belgium. In balance sheet terms, it accounts for more than 95% of the
banking sector. The Belgian law is, however, applicable to all financial institutions.
Almost 100%.
Roughly 20% of the German banking industry.
Different statistical publications of the Deutsche Bundesbank, e.g.
number of accounts, ec cards.
Roughly 98% of all assets of all credit institutions operating in Greece (only the assets of cooperative banks are excluded).
54% of clients’ credits (as share in the total Spanish financial system, i.e. banks, savings banks and cooperatives).
The Association Française des Banques represents around 50% of the This is an average estimate based on different bases.
French banking system.
Approximately 90% based on numbers of deposit and current accounts.
The Associazione Bancaria Italiana represents 99% of the whole Italian banking system in terms of total assets.
100% (The “Banque et Caisse d’Epargne de l’Etat”, which is not a
member of the ABBL, has not signed the “General Agreement” (see 1)
but it is believed that this bank will apply the guidelines).
100%.
34%.
Total assets.
99.5%
Total assets.
Over 99% (on the basis of the market share of markka-denominated loans and deposits to the public).
97%
Balance sheet total.
More than 95% (more than 99% of retail).
Total assets.
25
9. What categories of banks does your association represent ? Please tick the relevant boxes below:
BELGIUM
DENMARK
GERMANY
GREECE
SPAIN
FRANCE4
IRELAND
Commercial banks
Ö
Ö
Ö
Ö
Ö
Ö
Ö
ITALY
Ö
LUXEMBOURG
NETHERLANDS
AUSTRIA
PORTUGAL
FINLAND6
SWEDEN
UNITED KINGDOM
Ö
Ö
Ö
Ö
Ö
Ö
Ö
Savings banks
Ö
Ö
Cooperative banks
Ö
Ö
Mortgage banks
Ö
Ö
Ö
Ö
Ö
Ö
Ö
Ö
(5)
Ö
Ö
Ö
Ö
Ö
Ö
(including Popular
banks)
Ö
Ö
The general Recommendations have been agreed by all French financial institutions.
The IBF does not represent mortgage banks per se, but member institutions account for the order of 50% of all mortgages extended.
6
Through their central organisations.
4
5
26
Other (please specify)
Private-sector banks.
Any other credit institutions.
The IBF also represents other banks in the
International Financial Services Centre offering
specialist services in treasury, funds management,
swaps and derivatives, etc.
Ö
Special purpose banks.
Investment banks
Ö
Finance companies (factoring, leasing, etc.)
ANNEX A
The Commission Recommendation requires the following:
i
the conversion without charge of incoming payments from the national
currency unit to the euro unit and vice versa during the transitional period;
ii
the conversion without charge of outgoing payments from the national
currency unit to the euro unit and vice versa during the transitional period;
iii
the conversion without charge of accounts from the national currency unit to
the euro unit at the end of the transitional period;
iv
the conversion without charge of accounts from the national currency unit to
the euro unit during the transitional period;
v
the charging for services denominated in the euro unit at fees no different
from those for identical services denominated in the national currency unit;
vi
the exchange without charge to their customers (namely the account
holders) of "household amounts" of the national banknotes and coin for
euro banknotes and coin during the final period; and the quantification of
"household amounts" by volume and frequency in a transparent manner;
vii the transparency7 of conversions and exchanges;
viii
ix
informing their customers before 1 January 1999 about whether and to
what extent they will implement the Recommendation.
publicising, either individually or in groups, their intention to implement the
Recommendation.
Transparency of conversions and exchanges means banks showing clearly the application of the
conversion rates in accordance with the provisions of Regulation (EC) No 1103/97, and identifying
separately from the conversion rate any charges of any kind whatever which have been applied.
7
27
ANEXO D
DATOS FACILITADOS POR LA
AGRUPACIÓN EUROPEA DE CAJAS DE AHORROS
28
DOC 1178/98
(vers. 2.3)
20 November 1998
ALV/KIR/P 351
Implementation of the Commission Recommendation
on Banking Charges for Conversion to the Euro
Introduction
The European Savings Banks intend to apply the Commission Recommendation entirely.
The membership of ESBG in the countries of the eurozone is presented in the table below. In
three countries, where there is one single member Savings Bank (Ireland, Luxembourg,
Netherlands) the uniform application of the Recommendation can be confirmed. The other 8
countries of the eurozone have between 2 and 598 independent member Savings Banks for
which their national association cannot guarantee compliance of every separate issue of the
Recommendations, due to the system of independent, decentralised savings banks that follow
their own pricing policy and strategy. However, the following points can be stressed:
- The European Savings Banks Group adopted the full Recommendations as such at the
meeting of its General Board on 5 June 1998.
- The ESBG Euro Coordinators Task Force has worked out a European-wide “Charter of
Rights” related to the euro for customers of savings banks in participating Member States. The
charter was adopted officially by the ESBG General Board at its meeting on Friday 4
December.
- The Charter of Rights not only confirms the Recommendation on banking charges, but indeed
goes beyond, in that it is a means of informing and publicising to savings banks’ customers and
thereby complies with the call for transparency and implementation of the three April 1998
Recommendations.
- ESBG members feel that there is no need to determine at European level what exactly is
understood by “household amounts”. However, ESBG members are committed to exchanging
cash NCU’s for euros early in 2002 for customers of savings banks at no charge at all.
However, this must be seen in the light of national agreements on what may or may not
constitute reasonable household amounts (anything up to a cash value of 500 euro will - most
likely - be seen as “reasonable”). Large amounts of coins may prove problematic.
- ESBG is open to dialogue with the European Consumer organisations, as was announced
publicly at the 2nd Euro Round Table of 26 February 1998. It is felt in particular that dialogue
can solve many issues that the consumers may raise by explaining how the Recommendations
will be complied with, and by identifying possible problem areas as viewed by the consumers
that may call for our future attention.
29
EUROPEAN SAVINGS BANKS GROUP
Country
Austria
Belgium
Germany
Spain
France
Italy
Ireland
Luxembourg
Netherlands
Portugal
Finland
Number of Member Savings Market share in non-bank
Banks
deposits in %
70
31
2
15
598
31
51
44
34
12
73
27
1
3
1
50
1
6
5
38
40
8
Compliance country by country
Austria: A law on the changeover modalities (Euro-Währungsangabengesetz: EWAG) will be
issued and oblige all (Savings) Banks to conform. The Austrian Savings Banks Association
confirms the full compliance with the Recommendation on Banking Charges.
Belgium:
No savings banks in Belgium will charge for euro conversions, and they will all follow the
national changeover plan. Full transparency will be ensured. Excessive amounts of coins
exchanged will be charged for counting and handling as they are now .
Germany: The German Savings Banks distributed already a brochure (in huge quantities) called
“Der Euro kommt!” where the recommendation can be found in the text. The German Credit
Sector Association (ZKA) also issued in July 1998 a confirmation that the German credit
sector as a whole would comply with the EC Recommendations. As to the definition of
“household amounts” : cash exchange of DEM notes and coin will in principle be free of
charge, but if the amount goes beyond an average monthly household income, the individual
Savings Banks might charge the customer with a small fee.
Spain: All Savings Banks have already published their intention to implement the
Recommendation via their national association CECA. The adoption of a national law is
foreseen at end 1998 that will make charging for euro conversions illegal. The ESBG Euro
Charter of Rights is already translated into Spanish and will be distributed widely.
France: The exact definition of “household amounts“ will most likely comply with was stated
above. The information of the customers and the public about compliance with the
Recommendation will be made through the “Charte des Droits” brochure and posters with the
Charte which will be largely distributed. French Savings Banks have decided to comply in full
with the requirements of transparency (e.g. showing what the original currency amounts of a
particular in or out going payment were) free of charge.
30
For Italy, The Netherlands, Ireland: The Savings Banks will conform with the national banking
community.
Luxembourg: The Banque et Caisse d’Epargne de l’Etat (BCEE) intend to comply fully with
the Recommendations A national “charter of Rights” was signed between the consumers, the
professional organisations and the Luxembourg government. The BCEE also feels bound by
this charter which in fact covers the three euro recommendations and sets up a “Euro
Observatory” to monitor the implementation. (P.S. The market share of Banque et Caisse
d’Epargne de l’Etat refers to the domestic market of non-bank deposits).
Portugal: The members of the Portuguese Savings Banks Association intend to comply 100%
with the Euro Recommendation, and this has been expressed in brochures and other
documents and in public hearings to the clients. The document “Principios de boa pratica a
observar pelos bancos Portugueses” was approved also by the Portuguese savings banks and
they will comply with these principles.
Finland: The Finnish Savings Banks Association has confirmed that the Recommendations will
be complied with in full.
31
ANEXO E
DATOS FACILITADOS POR LA
ASOCIACIÓN EUROPEA DE BANCOS COOPERATIVOS
32
European Association of Co-operative Banks
Groupement Européen des Banques Coopératives
Europäische Vereinigung der Genossenschaftsbanken
Conversion charges
The state of play in the co-operative banks
33
Comments :
When the data was circulated in the Summer of 1998, banks were working on what means to implement to
inform their customers at the local level, clearly, transparently and accessibly. From the findings to have
emerged and the work accomplished, evidence suggests that co-operative banks shall comply with the
provisions laid down in the Recommendation of 23 April 1998.
Considering that co-operative banks have a market share of the order of 20% and their establishment on
the local level, they can be expected to make an important contribution to ensuring the success of the
euro’s launch.
Preliminary notes :
*****
*****
Austria
: Both Groups of co-operative banks have defined a set of guidelines on the recommendation
which is to be implemented by all banks affiliated to the network, notably at the local level.
Finland: The co-operative bank will support national decisions and apply the recommendation.
France : Co-operative Banks were involved in the AFECEI agreement and this document was accepted by
the “Conseil National de l’Euro”. It is a common position agreed among French banks and will be
implemented by co-operative banks.
Germany
: The Federal Association of Co-operative Banks was involved in the drafting of the ZKA
agreement. The agreement in question was negotiated with the national authorities. Local and regional cooperative banks will implement its terms and also comply with the provisions of the recommendations in
full.
Luxembourg : The co-operative bank will support national decisions.
Netherland : The co-operative bank
Forum” discussions.
will apply the recommendation and makes an input into “National
Portugal : The co-operative bank will implement the recommendation.
Spain: The co-operative bank will comply with the provisions of the future law on charges for introducing
the euro and the same applies to the recommendation’s provisions on transparency.
The situation in the co-operative networks established in the three (3) countries (Belgium, Ireland, and
Italy) and for which details are still missing would not deviate from national decisions already taken.
34
T1
Austria
Finland
France
Germany
Luxembourg
Nederland
Portugal
Spain
The conversion without
charge of incoming payments
from the national currency
unit to the euro unit and vice
versa during the transitional
period
yes
yes
yes
yes
yes
yes
yes
yes
The conversion without
charge of accounts from the
national currency unit to the
euro unit at the end of the
transitional period
yes
yes
yes
yes
yes
yes
yes
yes
iii) the charging for services
denominated in the euro unit at
fees no different from those for
identical services denominated in
the national currency unit
yes
yes
yes
yes
yes
yes
yes
yes
a/ Practices deemed necessary
(art.2)
i)
ii)
35
T2
Austria
Finland
France
Germany
Luxemb
Netherlands
Portugal
Spain
i) the conversion without charge of
outgoing payments from the
national currency unit to the euro
unit and vice versa during the
transitional period
yes
yes
yes
yes
yes
yes
yes
yes
ii) the conversion without charge of
accounts from the national currency
unit to the euro unit during the
transitional period
yes
yes
yes
yes
yes
yes
yes
yes
iii) the exchange without charge to
their customers (namely the account
holders) “of households amounts”
of the national banknotes and coin
for euro banknotes and coin during
the final period and the
quantification of ‘household
amounts” by volume and frequency
in a transparent manner.
yes
yes
yes
yes
yes
yes
yes
yes
b/ practices recommended ;
(art.2)
36
Transparency (art.3)
i) the transparency of
conversions and exchanges;
ii) informing their customers
before 1 January 1999 about
whether and to what extent
they will implement the
Recommendation
iii) publicising, either
individually or in groups, their
intention to implement the
Recommendation
Austria
Finland
France
Germany
Luxemb
Netherlands
Portugal
Spain
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
(mailing)
yes
80%
already
done it
yes
yes but in
process
probably
at the
regional
level
yes
Centralised
yes
80%
37
Implementation (art.4)
What percentage of your
local or regional banks, have
already:
i) defined “ household
amounts” of banknotes and
coin?
ii) altered their method of
showing charges for foreign
exchange transactions?
iii) informed their customers
about whether and to what
extent they will implement
the Recommendation?
Austria
Finland
France
Germany
in
discussion
in
discussion
in
discussion
decisions
taken at
national
level
id
in process
in process
yes
not yet
Netherlands
Portugal
Spain
in
discussion
not yet
decided
yes
in
discussion
in process
id
in
discussion
yes
in
discussion
in process
in process
in process
in process
(iv) publicised, either
individually or in groups, their
intention to implement the
Recommendation?
38
Luxemb
in process
Yes but no
information
directly on
the content
ANEXO F
DATOS FACILITADOS POR LA
FEDERACIÓN HIPOTECARIA EUROPEA
39
Survey by the European Mortgage Federation on the Implementation of the
Commission’s Recommendation on Banking Charges For Conversion to the Euro
Preliminary notes:
The manner in which the question of banking charges for conversion to the euro has been
handled differs in the various Member States. The European Mortgage Federation, which
represents the interests of over 75% of mortgage lenders throughout the EU, has attempted
to provide a survey of the current situation from the perspective of mortgage lenders,
although in most cases the question of charges is handled in the broader perspective of
general banking charges. This survey deals explicitly with the servicing of mortgage credit
accounts, and attempts to provide as complete a picture as possible with regard to the
intentions of all mortgage lenders to implement the Commission’s recommendation.
We should like to point out, however, that in some cases it has not been possible to obtain
complete replies covering the intentions of 100% of all market players. We would stress,
most strongly, that the absence of such information should not be interpreted as a sign that
some mortgage lenders do not have the intention to implement the Commission’s
recommendation. In such cases the absence of a co-ordinated national position regarding
certain specific questions does not allow us to make categorical statements.
Herewith follow some brief notes which explain how the information has been obtained in a
number of Member States:
In Belgium, a law which reflects the provisions in the Commission’s Recommendation is in
the process of being enacted.
In Germany, the Central Credit Committee (ZKA) has agreed unanimously, in cooperation
with the authorities, to respect the provisions of the Commission’s recommendation.
In Spain, a law is in the process of being adopted which forbids any charges in connection
with the introduction of the euro. It goes further than the provisions in the Commission’s
Recommendation.
In France, the Comité nationale de l'euro has formulated a co-ordinated position among
French banks which sets out the principle of no discrimination between services offered in
euro and those offered in French Francs. It also sets out the principle of the same tarification
of operations in euro and in francs and free scriptural conversions. The provision of services
which require "substantial amounts" of work could be charged to the customer.
In Ireland, a code of practice has been agreed by banks and building societies.
In Italy, the Italian Banking Association (ABI), which represents 99% of the whole banking
sector, has been examining the subject of conversion charges and the repercussions for a
long time. In December 1997, the EMU strategic committee discussed this item. It was
agreed that banks would make a maximum of effort to facilitate the transition to the euro,
taking on the resulting expenses, although no formal decision was taken until the admission
of Italy to monetary union was assured. The item was again discussed by the EMU strategic
committee last April when it was agreed to adopt guidelines mainly based on the principle of
no charges for conversion. This choice, which is in compliance with Commission
Recommendation 98/286/EC was endorsed by the ABI's Executive Committee.
In Luxembourg, a round table between the government and bank and finance professionals
agreed on a set of guidelines for conversion to the euro. As mortgage lending is offered by
local universal banks, there is no code specific to mortgage lending.
40
In the Netherlands, policies with regard to bank charges in connection to the changeover to
the euro have been defined in the National Euro Forum.
In Austria, banks have signed a code of conduct which adopts the provisions in the
Commission's recommendation on bank charges.
In Portugal, Decree-law 138/98 of 16 May establishing several main rules to accomplish
the transition to the euro and complementing existing Community laws. The answers
provided in this survey relate to the Caixa Geral Depositos, Portugal's largest mortgage
lender with a market share of 42%.
th
41
Q.1
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Will accounts in Euro be available during the period 1.1.99 -31.12.2001
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Available but not promoted - It is expected that most mortgage accounts will remain
in guilders until 1.1.2002.
Yes
Yes
Yes
42
Q.2a
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Q.2b
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Will customers be charged for converting their mortgage accounts
during the transition period?
No
No
No
No - while no position has been co-ordinated at national level it is likely
that the large majority of mortgage lenders will not charge for such
operations. There has been no indication to the contrary.
No - Banks and Building Societies have committed themselves to convert
existing accounts denominated in Irish pounds or other participating
currencies into euro on a one-off basis free of charge where such
denomination is requested by a customer.
No
No
No - Customers will not be charged for converting their mortgage accounts
during or at the end of the transition period
No
No
No
% market
share
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Will customers be charged for converting their mortgage accounts at % market
the end of the transition period?
share
No
No
No
No
No - From the introduction of notes and coins, existing accounts
denominated in Irish pounds and other participating currencies will be
converted into euro at the appropriate fixed conversion rates free of
charge. This commitment has also been given in the National Changeover
Plan.
No
No - There will be no charge for one-way conversions
No
No
No
No
43
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Q.3
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Q.4
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Will there be any charges for the issuing of new amortisation tables
in connection with the introduction of the euro?
No
No
No
No - while no position has been co-ordinated at national level it is likely
that the large majority of mortgage lenders will not charge for such
operations. There has been no indication to the contrary.
Amortisation tables are not normally provided, except on request.
No
No - amortisation tables are not systematically used
No
No
No
No
% market
share
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
What percentage of mortgage lenders will convert without charge incoming
payments from the national currency to the euro unit and vice versa during the
transitional period?
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
44
Q.5
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Q.6
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
What percentage of mortgage lenders will charge for mortgage related services
denominated in euro at fees no different from those for identical services
denominated in the national currency unit?
100% - It is not sure that rates will be identical, although it is intended that there
be a certain homogeneity. In the case of different products, different rates may
be applied.
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
What percentage of mortgage lenders will inform customers before 1st January
1999 about whether and to what extent they will implement the Recommendation?
around 80%
100%
100% - According to the Recommendation and the Spanish law, it is planned that all
mortgage lenders should announce to their clients that all operations in euro which will be
free of charge.
Not known
Most mortgage lenders - It is expected that the Code of Practice adopted by banks and
building societies will be appendixed to the next edition of the National Changeover Plan.
Individual lenders will probably inform their customers of the arrangements later this year.
100% - In addition to publishing its policy on conversion charges in the Schema nazionale
de Piazza, ABI is preparing specific communication instruments (conversion symbol,
informative sheets), which banks will be able to make available to their clientele to inform
them about the guidelines followed by the banking system. Moreover an informative
brochure on the euro drawn up by the ABI together with the consumer associations, will
be put at customers disposal. Particular attention is paid to the problem of conversion
charges, and the policy taken by the Italian banking system is described.
A large majority - The Luxembourg Banking Federation issued a brochure about the euro.
Banks have the intention to give a maximum of information to their customers.
100% - The National Euro Forum and the Banking Association will inform customers that
their mortgage accounts will predominantly remain in Guilders during the transition period
and will change to euro at the end of 2002. Banks will implement the recommendation.
100%
N/A
100%
45
Q.7
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
Q.8
BE
DE
ES
FR
IE
IT
LU
NL
AT
PT
SF
What percentage of mortgage lenders will publicise, either individually or in groups,
their intention to implement the Recommendation?
Not known
Not known - No reliable data available. The diffusion should depend on the extent of press
coverage.
100% - The follow-up of the Recommendation and the provisions of the Spanish law on the
euro will be publicised both individually and via the different credit sector
associations.
Not known
100%
100%
A large majority
This will be handled by the Dutch Bankers Association
100%
100% - a code of conduct is being drafted by the Portuguese Banking Association
100%
What percentage of mortgage lenders have already taken steps to inform their
customers about whether and to what extent they will implement the
Recommendation?
90%
Not known - There are no brochures dealing specifically with bank charges. Customers are
informed about prices through posters and lists.
Most mortgage lenders have already started to inform their clients about the conditions of
euro operations through brochures, press announcements, etc.
A Majority
Not known - It is expected that communication with customers will take place later this
year.
Not known
A large majority
Most - although nothing specific relating to mortgage credit
100%
100%
46