SINGLE PAYMENTS AREA DECISION WELCOME, AT LAST

5.39.30pm UTC (GMT +0000) Tue 27th Mar 2007

Commenting on the Council's approval of the payments services directive (PSD), Sharon Bowles, ALDE shadow rapporteur on PSD and Liberal Democrat ?uropean Economic Affairs Spokesperson, said,

"This decision has been the result of months of dialogue. The Payments Directive will enhance competition by forcing payment markets to open up across the EU allowing payments institutions to compete on a level playing field with banks. It also gives clear guarantees to consumers across the EU including a next day delivery of electronic transfers."

Considered the cornerstone of the Single European Payments Area (due for implementation January 2008) MEPs and industry alike had become frustrated at the slow progress in the Council. In February the European Parliament decided to set the Council a deadline for a deal. Following today's announcement Sharon Bowles said:

"This will have a very positive impact on both industry and consumers. I am delighted that all the hard work has paid off and that we now have a text that all parties can sign up to. However, the text does remain a compromise and I very much consider this a first step. I hope that we will be able to go further when it is reviewed in three years time."

ENDS

Notes:

The Economic and Monetary Affairs committee adopted a report on the Payment Services Directive on 12th September 2006. The European Parliament will vote as a whole in Strasbourg in April.