European Parliament rejects SWIFT interim agreement

2.00.00pm GMT Thu 11th Feb 2010

European Parliament rejects SWIFT interim agreement -

(Financial Messaging Data Agreement)

The European Parliament today resisted pressure from national governments and the US Administration by rejecting the interim EU-US agreement. European Liberals believe that despite a flurry of letters between the US and the EU there still lacked any firm assurances that Parliament's concerns would be taken into account in the negotiation of a definitive agreement due to enter into force this autumn.

"If the US administration would propose to the US Congress something equivalent to this - to transfer in bulk all bank-data of American citizens to a foreign power - we know what they would say;" commented Jeanine Hennis-Plasschaert (VVD, Netherlands), Parliament's rapporteur on the SWIFT interim Agreement.

Guy Verhofstadt (ALDE group leader) signalled the significance of this vote for the Parliament:

"This is an important day for the European Parliament. We rejected an agreement that does not meet European standards on protection of data privacy. Our goal is now to achieve a better, long-term agreement to balance security and fundamental rights of our citizens."

Andrew Duff, Lib Dem Euro-MP for the East of England added "This is a very convincing demonstration of the new powers of the European Parliament gained as a result of the Lisbon treaty -- which the Tories continue to oppose."