Response to consultation on Technical Standards on standardised terminology and disclosure documents under the PAD
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The terminology used in the Annex does not distinguish between the credit card account itself and the payment account from where the credit card debt is paid off. We note, however, that Recital 12 of Directive 2014/92/EU provides that “. . . . accounts with more limited functions should be excluded. For example, accounts such as savings accounts, credit card accounts where funds are usually paid in for the sole purpose of repaying a credit card debt. . . . should in principle be excluded from the scope of this Directive”. We therefore presume that the credit card account itself should NOT be considered as a payment account for the purposes of this Directive and that a statement of fees relating to this account need not be issued to the card holder. However, a confirmation of our understanding would be appreciated.
Terminu Tifsira
Iżżomm il-kont Il-fornitur tal-kont jopera l-kont għall-użu mill-klijent.
Il-forniment ta' kard ta' debitu Il-fornitur tal-kont iforni kard ta' pagament marbuta mal-kont tal-klijent. L-ammont ta' kull tranżazzjoni bl-użu tal-kard jittieħed direttament u b'mod sħiħ mill-kont tal-klijent.
Il-forniment ta' kard tal- kreditu Il-fornitur tal-kont iforni kard għall-ħlas marbuta mal-kont tal-pagamenti tal-klijent. L-ammont totali tat-tranżazzjonijiet permezz tal-kard matul perjodu miftiehem jittieħed jew b'mod sħiħ jew parzjali mill-kont tal-pagamenti tal-klijent f'data miftiehma. Ftehim ta' kreditu bejn il-fornitur u l-klijent li jiddetermina jekk hux se jkun hemm imgħax meta l-klijent jissellef.
Self kurrenti (Overdraft) Il-fornitur tal-kont u l-klijent jaqblu minn qabel li l-klijent jista' jissellef il-flus meta m'hemmx aktar flus fil-kont. Il-ftehim jiddetermina ammont massimu li jista' jiġi misluf, u jekk it-tariffi u l-imgħax humiex se jiġu ċċarġjati lill-klijent.
Trasferiment ta' kreditu Il-fornitur tal-kont jittrasferixxi l-flus, wara struzzjoni mill-klijent, mill-kont tal-klijent għal kont ieħor.
Ordni permanenti
(Standing Orders)
Il-fornitur tal-kont jagħmel trasferimenti regolari, wara struzzjoni mill-klijent, ta' ammont fiss ta' flus mill-kont tal-klijent għal kont ieħor.
Debitu dirett Il-klijent jippermetti li ħaddieħor (riċevitur) jagħti struzzjonijiet lill-fornitur tal-kont biex jittrasferixxi l-flus mill-kont tal-klijent għal dak ir-riċevitur. Il-fornitur tal-kont imbagħad jittrasferixxi l-flus lir-riċevitur f'data jew dati li jkunu miftiehma mill-klijent u r-riċevitur. L-ammont jista' jvarja.
Ġbid ta' flus Il-klijent jieħu l-flus mill-kont tiegħu.
The Consultation Paper does not clarify how a subsequent reversal of a charge shown on a particular statement should be treated. How should such a reversal be shown in a subsequent statement of fees? Clarification of this issue would be appreciated.
Question 2: Do you consider the services that the EBA has selected for standardised terms and definitions to be suitable to achieve the aims of the Directive? Please explain your reasoning.
We note that the Annex providing for Union standardized terms and definitions for services linked to a payment account that are common to a least a majority of Member States, under Article 3 (4) of Directive 2014/92/EU includes the following banking service: “providing a credit card”.The terminology used in the Annex does not distinguish between the credit card account itself and the payment account from where the credit card debt is paid off. We note, however, that Recital 12 of Directive 2014/92/EU provides that “. . . . accounts with more limited functions should be excluded. For example, accounts such as savings accounts, credit card accounts where funds are usually paid in for the sole purpose of repaying a credit card debt. . . . should in principle be excluded from the scope of this Directive”. We therefore presume that the credit card account itself should NOT be considered as a payment account for the purposes of this Directive and that a statement of fees relating to this account need not be issued to the card holder. However, a confirmation of our understanding would be appreciated.
Question 3: Do you consider the drafting decisions taken by the EBA for the standardised terms and definitions, and the resultant provisions in Recitals of the draft RTS, to be suitable for achieving the aims of the Directive of enhancing transparency and comparability? Please explain your reasoning.
We consider that the Maltese version of the above mentioned Annex requires some amendments as follows:Terminu Tifsira
Iżżomm il-kont Il-fornitur tal-kont jopera l-kont għall-użu mill-klijent.
Il-forniment ta' kard ta' debitu Il-fornitur tal-kont iforni kard ta' pagament marbuta mal-kont tal-klijent. L-ammont ta' kull tranżazzjoni bl-użu tal-kard jittieħed direttament u b'mod sħiħ mill-kont tal-klijent.
Il-forniment ta' kard tal- kreditu Il-fornitur tal-kont iforni kard għall-ħlas marbuta mal-kont tal-pagamenti tal-klijent. L-ammont totali tat-tranżazzjonijiet permezz tal-kard matul perjodu miftiehem jittieħed jew b'mod sħiħ jew parzjali mill-kont tal-pagamenti tal-klijent f'data miftiehma. Ftehim ta' kreditu bejn il-fornitur u l-klijent li jiddetermina jekk hux se jkun hemm imgħax meta l-klijent jissellef.
Self kurrenti (Overdraft) Il-fornitur tal-kont u l-klijent jaqblu minn qabel li l-klijent jista' jissellef il-flus meta m'hemmx aktar flus fil-kont. Il-ftehim jiddetermina ammont massimu li jista' jiġi misluf, u jekk it-tariffi u l-imgħax humiex se jiġu ċċarġjati lill-klijent.
Trasferiment ta' kreditu Il-fornitur tal-kont jittrasferixxi l-flus, wara struzzjoni mill-klijent, mill-kont tal-klijent għal kont ieħor.
Ordni permanenti
(Standing Orders)
Il-fornitur tal-kont jagħmel trasferimenti regolari, wara struzzjoni mill-klijent, ta' ammont fiss ta' flus mill-kont tal-klijent għal kont ieħor.
Debitu dirett Il-klijent jippermetti li ħaddieħor (riċevitur) jagħti struzzjonijiet lill-fornitur tal-kont biex jittrasferixxi l-flus mill-kont tal-klijent għal dak ir-riċevitur. Il-fornitur tal-kont imbagħad jittrasferixxi l-flus lir-riċevitur f'data jew dati li jkunu miftiehma mill-klijent u r-riċevitur. L-ammont jista' jvarja.
Ġbid ta' flus Il-klijent jieħu l-flus mill-kont tiegħu.
Question 5: Do you consider the FID template that is being proposed in the draft ITS and its Annex to be suitable to achieve the aims of the Directive? Please explain your reasoning.
Another clarification which is required relates to the type of fees which ought to be listed in the statement of fees provided to clients. Should the statement of fees only include those fees which are intrinsically connected to the payment account itself, such as standing order fees, stop payment fees, credit transfer fees, etc.? Or should all fees which are debited to the payment account feature in the statement, irrespective of their nature e.g. safe custody fees, fees related to the purchase of securities, loan processing fees, etc.?The Consultation Paper does not clarify how a subsequent reversal of a charge shown on a particular statement should be treated. How should such a reversal be shown in a subsequent statement of fees? Clarification of this issue would be appreciated.