15 April 2014 , Brussels- The European Association of Co-operative Banks (EACB) is pleased with the outcome of the legislative resolution regarding the Regulation establishing an EAPO that has been voted in Parliament, today.
The Association considers that the new text strikes a better balance between the rights of the debtor and the creditor, for example through the mandatory security deposit that is to be provided by the claimant. ”This is important to our banks”, stated Hervé Guider, General Manager of the EACB, “as a fraudulent claim – even if correctly imposed according to the law – could have detrimental impact on individuals and make customers loose trust in their bank”.
The EACB considers it a missed opportunity, however, to leave the decision on refunding of costs incurred by banks in implementing the EAPO to the Member State of enforcement. This could lead to a situation where, for the banks in the Member States that are not entitled to reimbursement of costs, the EAPO processing costs will be born by the bank. This will undermine the level playing field in the internal market. The EACB also finds that where the costs for implementing the EAPO can be determined at national level, the difference between the cost for national and cross border orders should be acknowledged.
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