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Banking: Sterling and Euro

Volume 698: debated on Monday 21 January 2008

asked Her Majesty's Government:

Whether they will hold discussions with the United Kingdom banks to promote reduced charges for transfers between sterling and the eurozone, and to allow internal United Kingdom cheque facilities in euros. [HL1161]

The Government regularly liaise with the financial services industry on a wide number of issues. The Payment Services Directive, which was adopted by the EU Parliament on 13 November 2007, aims to achieve a single market in retail payment services in order to create enhanced competition between national retail payment markets. The Government are currently consulting on policy options within the directive ahead of the 1 November 2009 implementation date.