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In his address to the Institut International d’Etudes Bancaires in Dublin Castle, Commissioner McCreevy referred to the Green Paper on financial services and European banking consolidation.
On mortgages and retail banking the Commissioner pointed out that a passport for mortgage brokers across Europe could be created. This could represent a potentially viable distribution channel for stimulating more cross-border competition. However, a Green Paper will be published in summer.
On the payments sector and the full establishment of an integrated payment area by 2010 Mr McCreevy criticized that the progress to date has been too slow. Therefore, the Commission is currently exploring the need and calibration for legislative incentives by making the necessary Single European Payment Area Standards mandatory.