Case C-442/02

CaixaBank France

v

Ministère de l’Économie, des Finances and de l’Industrie

(Reference for a preliminary ruling from the Conseil d’État (France))

(Freedom of establishment – Credit institutions – National legislation prohibiting the payment of remuneration on sight accounts)

Summary of the Judgment

Freedom of movement for persons – Freedom of establishment – Credit institutions – National legislation prohibiting the payment of remuneration on sight accounts – Not permitted – Justification – None

(Art. 43 EC)

Article 43 EC precludes legislation of a Member State which prohibits a credit institution which is a subsidiary of a company from another Member State from remunerating sight accounts in euros opened by residents of the former Member State.

Such a prohibition, which constitutes for companies from other Member States a serious obstacle to the pursuit of their activities via a subsidiary, affecting their access to the market, is to be regarded as a restriction within the meaning of Article 43 EC. That restriction cannot be justified by overriding requirements of the public interest, relating to the protection of consumers or the encouragement of medium and long-term saving, since it goes beyond what is necessary to attain those objectives.

(see paras 12, 17, 21, 23-24, operative part)

JUDGMENT OF THE COURT (Grand Chamber) 5 October 2004 (1)

(Freedom of establishment – Credit institutions – National legislation prohibiting the payment of remuneration on sight accounts)

In Case C-442/02 REFERENCE for a preliminary ruling under Article 234 ECfrom the Conseil d'État (France), made by decision of 6 November 2002, received at the Court on 5 December 2002, in the proceedings brought by

against

interveners:

THE COURT (Grand Chamber),,

composed of: V. Skouris, President, P. Jann, C.W.A. Timmermans, C. Gulmann, J.-P. Puissochet and J.N. Cunha Rodrigues (Rapporteur), Presidents of Chambers, R. Schintgen, N. Colneric, S. von Bahr, R. Silva de Lapuerta and K. Lenaerts, Judges,

Advocate General: A. Tizzano,

having regard to the written procedure and further to the hearing on 19 November 2003,after considering the observations submitted on behalf of:

after hearing the Opinion of the Advocate General at the sitting on 25 March 2004,

gives the following

‘Notwithstanding any provisions to the contrary, it shall be prohibited for any credit establishment which receives funds from the public for sight accounts or accounts for less than five years, by any means whatever, to pay remuneration on those funds exceeding that fixed by regulation of the Committee for Banking and Financial Regulation or the minister responsible for the economy.’

On those grounds, the Court (Grand Chamber), rules as follows:

Signatures.