McCreevy announced possible SEPA Action Plan

17 November 2008

Commission and ECB are assessing a "SEPA Action Plan". The joint document would provice with a timetable of concrete actions to be taken by various stakeholders, McCreevy said.

Commissioner Charlie McCreevy said that the Commission and the ECB are currently assessing the merits of a joint initiative or "SEPA Action Plan". The objective would be to establish a joint document with a timetable of concrete actions to be taken by various stakeholders to make SEPA happen.

 

The Commission with the ECB have been reflecting on how best to breathe some new life into SEPA. Issues to be covered would include issues on SEPA 'communication and marketing', migration (in particular by public authorities), legal and compliance issues, governance arrangements, and technical issues, such as standards.

 

“There are signs of some "SEPA fatigue" in the market place”, McCreevy said, and there are calls for a more ‘co-regulatory’ type process. “In my view SEPA remains fundamentally a market-driven process”, he noted.

 

Member States are committed to transposing the PSD into national law by 1st November 2009, and the SEPA Direct Debit should be launched at the same date. However, the continued legal validity of existing direct debit mandates under SEPA migration must be ensured, he said. Also, an acceptable business model has to be developed.

 

Press release

 

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