14. 2. 97 Official Journal of the European Communities No L 43/25 DIRECTIVE 97/5/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 27 January 1997 on cross-border credit transfers THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 100a thereof, Having regard to the proposal from the Commission (%), Having regard to the opinion of the Economic and Social Committee (%), Having regard to the opinion of the European Monetary Institute, Acting in accordance with the procedure laid down in Article 189b of the Treaty (%) in the light of the joint text approved on 22 November 1996 by the Conciliation Committee, (1) Whereas the volume of cross-border payments is growing steadily as completion of the internal market and progress towards full economic and monetary union lead to greater trade and movement of people within the Community; whereas cross- border credit transfers account for a substantial part of the volume and value of cross-border payments; (2) Whereas it is essential for individuals and businesses, especially small and medium-sized enterprises, to be able to make credit transfers rapidly, reliably and cheaply from one part of the Community to another; whereas, in conformity with the Commission Notice on the application of the EC competition rules to cross-border credit transfers (*), greater competition in the market for cross-border credit transfers should lead to improved services and reduced prices; (3) Whereas this Directive seeks to follow up the progress made towards completion of the internal (") OJ No C 360, 17. 12. 1994, p. 13, and OJ No C 199, 3. 8. 1995, p. 16. () OJ No C 236, 11. 9. 1995, p. 1. (°) Opinion of the European Parliament of 19 May 1995 (O] No C 151, 19. 6. 1995, p. 370), Council common position of 4 December 1995 (OJ No C 353, 30. 12. 1995, p. 52) and De- cision of the European Parliament of 13 March 1996 (O] No C 96, 1. 4. 1996, p. 74). Decision of the Council of 19 Decem- ber 1996 and Decision of the European Parliament of 16 Ja- nuary 1997, () OJ No C 251, 27. 9. 1995, p. 3. market, in particular towards liberalization of capital movements, with a view to the implementation of economic and monetary union; whereas its provi- sions must apply to credit transfers in the currencies of the Member States and in ecus; (4) Whereas the European Parliament, in its resolution of 12 February 1993 (%), called for a Council Directive to lay down rules in the area of transparency and performance of cross-border payments; (5) Whereas the issues covered by this Directive must be dealt with separately from the systemic issues which remain under consideration within the Commission; whereas it may become necessary to make a further proposal to cover these systemic issues, particularly the problem of settlement finality; (6) Whereas the purpose of this Directive is to improve cross-border credit transfer services and thus assist the European Monetary Institute (EMI) in its task of promoting the efficiency of cross-border payments with a view to the preparation of the third stage of economic and monetary union; (7) Whereas, in line with the objectives set out in the second recital, this Directive should apply to any credit transfer of an amount of less than ECU 50 000; (8) Whereas, having regard to the third paragraph of Article 3b of the Treaty, and with a view to ensuring transparency, this Directive lays down the minimum requirements needed to ensure an adequate level of customer information both before and after the execution of a cross-border credit transfer; whereas these requirements include indication of the complaints and redress procedures offered to cus- tomers, together with the arrangements for access thereto; whereas this Directive lays down minimum execution requirements, in particular in terms of performance, which institutions offering cross-border credit transfer services should adhere to, including the obligation to execute a cross-border credit transfer in accordance with the customer’s instruc- tions; whereas this Directive fulfils the conditions deriving from the principles set out in Commission Recommendation 90/109/EEC of 14 February 1990 () OJ No C 72, 15. 3. 1993, p. 158.