Green paper on improving the efficiency of the enforcement of judgments in the European Union: the attachment of bank accounts

Background

The Green Paper deals with improving the debt recovery and enforcement of monetary claims in cross-border cases. It discusses setting up of a "European system for attachment of bank accounts (la saisie des avoirs bancaires). It covers the judicial and jurisdictional issues (i.e enforcement of courts decisions), protection of rights of depositor and creditor, and also has implications for financial sector.

The financial sector is also concerned in two manners:

1. as the infrastructure provider - as the COM green paper suggests develop an EU rule/procedure to "attach bank accounts", this will have implications on banks in terms of implementing costs, procedures to follow.

2. ultimately, it is likely to speed up cross-border recovery of money claims and have positive impact on cross-border integration in general.

The Commmission is planning a second Green paper on this issue before the end of the year and is planning to produce a Communication in 2008 setting out in more detail its proposed legislative measures.

Sharon's involvement

Sharon is shadow rapporteur for the ALDE group on the Legal Affairs committee and the draftsperson of the ECON Opinion.

Timetable

ECON: Vote draft opinion 27th June 2007

ECON: Consideration of amendments 5th June 2007

ECON: Deadline for amendments 21st May 2007

ECON: Consideration of draft opinion 8th May 2007

Documents

Sharon Bowles draft ECON opinion.

Commission documents COM(2006)618.