On 20 March 2014, ECON published a press release announcing that it has reached political agreement with the Council of the EU on the proposed Directive on payment accounts (the Payment Accounts Directive or PAD). On 28 March 2014, the Council published an "I" item note relating to PAD, inviting the Permanent Representatives Committee (COREPER) to:
- approve the final compromise text of PAD, which is set out in the Annex to the note; and
- confirm that the Presidency of the Council can indicate to the European Parliament that, should the Parliament adopt its position at first reading as regards PAD (in the form set out in the Annex), the Council would approve the position and PAD would be adopted accordingly.
On 4 April 2014 the COREPER approved, on behalf of the Council, the agreement reached with the European Parliament on PAD.
What this means for you
The agreement between Parliament and the Council will allow the PAD to be adopted at first reading, before the Parliament adjourns for elections at the end of May. The Council will subsequently adopt the Directive without further discussion.