ESBG calls for improvement for Payment Directive

02 December 2005

The European Savings Banks Group (ESBG) calls for further improvement of the Payments Directive. ESBG states that the Directive risks weakening public confidence in electronic payments. With “payment institutions” to offer payment services without any protection of consumer funds in case of an institution’s default, public confidence in the soundness and stability of payment systems is being tested, and competition distorted.

The Commission considers payments a hazardous activity and introduces the notion of “strict liability”. All customers will bear the consequence of the carefree or fraudulent behaviour of very few.

Press release

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