Lithuanian Presidency reaches agreement on Payment Accounts Directive

20 December 2013, Last updated at, 19:07 EET
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author: PantherMedia/Scanpix

EU Permanent Representative Committee (COREPER II) on December 20 in Brussels has confirmed the Member States agreement on the Directive on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (Payment Accounts Directive, PAD) aiming at improving consumers choice and increasing the quality and transparency of the offers.

“The Lithuanian Presidency has always emphasized the goals of working towards the credibility of the European Union and more integrated Single Market. By reaching agreement on this Directive we took yet another step on making sure that the results of our work will positively affect the consumers and increase the transparency of the financial services,” said ambassador Raimundas Karoblis, chair of the Permanent Representatives Committee.

The PAD legislation draws the rules on the transparency and comparability of fees charged to consumers on their payment accounts and rules concerning the switching of payment accounts within the Member States. The proposal also defines the framework for rules and conditions which will guarantee a right for consumer to open and use payment account.

The proposed measures in PAD legislation on the consumer’s right to open payment account with basic features will foster and increase financial inclusion as this will create better access not only to essential payment services but other financial services as well. In addition, consumers financial mobility will increase since the right to open an account in any Member State is foreseen.

The agreement on the Directive on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (PAD) enables the Council to start negotiations with the European Parliament.

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