On Friday 6 February, the European Commission launched a public consultation on "Financial inclusion: Ensuring access to a basic bank account".

This initiative is a follow-up to the 'Single Market for 21st Century Europe' package, in which the European Commission had highlighted the need to ensure that nobody is denied access to a basic bank account. The recent DG EMPL fact-finding study on "Financial services provision and prevention of financial exclusion" showed that in some Member States there are no mechanisms in place to guarantee citizens' access to a basic bank account. This is an important factor in economic and social exclusion, as was highlighted at the European conference organised by the Commission on 28 May 2008. The consultative document contains a description of the levels, causes and consequences of financial exclusion in the EU. It also presents various policy solutions to address financial exclusion that exist in some Member States, and discusses the possible role for the European Union in guaranteeing access to a basic bank account. Finally, it invited stakeholders to express their views on the possible roles which could be played by all stakeholders, both private and public, in achieving this goal.

Reference webpage on EUROPA:
http://ec.europa.eu/internal_market/consultations/2009/financial_inclusion_en.htm

iff institute for financial services has answered the consultation on April 6, 2009.
(You will find the iff response for the EU Consultation under the attached link )

• iff response for the EU Consultation on Ensuring access to a basic bank account
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