EU proposals are backed by banking institutions, expert claims

Wed, 06 Jun 2007

Banking institutions across the UK are in favour of EU plans to ease the process of switching accounts between member countries, it has been claimed.

Angela Knight, chief executive of the British Bankers' Association, has made the comments in the light of the publication of a new report from the Bank Account Expert Group that explored ways of revamping the EU banking system.

The body, originally set up by the European commission on May 16th 2006, considered a range of financing proposals such as introducing a single banking account number for EU residents that could be transferred between countries.

And Ms Knight has expressed her conviction that the UK banking corporations back the final report, which was published on June 5th.

"UK banks support EU initiative to give customers greater choice and freedom," she asserted.

"I believe the UK already leads the way in helping people move from bank to bank."

At present, 27 states are listed as members of the EU, following the accession of Bulgaria and Romania at the start of this year.

Meanwhile, countries such as Turkey remain in negotiations to join the economic bloc.

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