Extension of deadline for SEPA migration: Council confirms deal with EP

22 January 2014

The Perm Reps Committee approved, on behalf of the Council, an agreement with the EP on a proposed regulation that postpones to 1 August 2014 the end date in the euro area for the migration of domestic and intra-European CTs and DDs in euros towards SEPA CTs and SEPA DDs. (Includes link to ECB opinion.)

The draft regulation, presented by the Commission on 9 January, amends regulation 260/2012 on the migration to EU-wide credit transfers and direct debits, which had set a deadline of 1 February 2014. The postponement was proposed by the Commission for reasons of legal certainty and in order to avoid any discontinuity to the application of regulation 260/2012.

The agreement on the change of date was reached after the Parliament and the Council on 16 January approved the text as set out in document 5250/1/14 REV 1. The Parliament is expected to vote accordingly in its plenary session in February. The Council will subsequently formally approve the legislation without further discussion.

Press release

ECB-opinion

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