On December 13, 2001, the EU Ecofin Council reached a political agreement on the text of a proposed EU Savings Directive. Under the Proposed Directive, EU Member States are required to provide to the tax authorities of another Member State details of payments of interest or other similar income paid by an entity/person within its jurisdiction to an individual resident in another Member State, subject to the right of certain Member States to opt instead for a witholding system during a specified transitional period.

The Proposed Directive contains a grandfathering clause for the treatment of debt issues during the transitional period. The Association has worked closely with Member States, European authorities, Euroclear Bank and Clearstream Banking to provide the market with a greater degree of clarity and certainty over the proposals.

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