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June 29, 2009updated 04 Apr 2017 4:17pm

EC calls for views on possible SEPA end-date

It is a view shared by the European Central Bank (ECB) which in its sixth SEPA progress report published in November 2008 lamented: The Eurosystem Eurozones monetary authority has observed that motivation for the project has been fading away among market participants, and that the constructive spirit of the preparation phase has turned into a downbeat attitude.Against this background the ECB concluded: It must be made clear to all market actors that national credit transfer and direct debit schemes will be phased out in the euro area by setting a realistic, but ambitious end-date. The full extent of support for an end-date is now to be assessed by the European Commission (EC) which has launched a consultation paper in which it calls on stakeholders to assist it identify whether there is a need for action in respect of an end-date

By Stafford Thomas

For the Single Euro Payments Area (SEPA) to succeed, an
end-date for migration from existing payments products to SEPA
products must be set is a view that has been expressed by a host of
participants in the European payments industry.

It is a view shared by the European Central Bank (ECB) which in its
sixth SEPA progress report published in November 2008 lamented:
“The Eurosystem [Eurozone’s monetary authority] has observed that
motivation for the project has been fading away among market
participants, and that the constructive spirit of the preparation
phase has turned into a downbeat attitude.”

Against this background the ECB concluded: “It must be made clear
to all market actors that national credit transfer and direct debit
schemes will be phased out in the euro area by setting a realistic,
but ambitious end-date.”

The full extent of support for an end-date is now to be assessed by
the European Commission (EC) which has launched a consultation
paper in which it calls on stakeholders to assist it identify
whether there is a need for action in respect of an end-date.

Should an end-date be found to be necessary the consultation paper
poses specific questions in this regard:

• Should there be one common end-date for SEPA Credit Transfers and
SEPA Direct Debits migration or two separate end-dates?

• Should they be set at national level and/or at European level?
and,

• Should they be left to self-regulation or set by
regulation?

Deadline for submissions to the EC is 3 August 2009.

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