A deal that allows the US government to access EU citizens' private bank details is set to collapse after just a few days, following its rejection today by the European Parliament’s main progressive group.

The Socialists and Democrats expect to have a majority in a Strasbourg vote next Wednesday to block an interim agreement that took effect on 1 February. The S&D Group gave a commitment to work quickly, using its Lisbon Treaty powers, to produce “a new and better deal”.

Said Group leader Martin Schulz: “We want a new and better deal with proper safeguards for people’s privacy. The fight against terrorism is a priority – but the EU cannot be allowed to ride roughshod over its citizen’s fundamental rights. 

“Following the decision by my group today, I believe that the European Parliament will reject the agreement in Strasbourg next week.”

Said Group spokesman on the issue, Claude Moraes of the UK: “By all EU standards of fundamental rights, the SWIFT agreement badly fails the test of necessity and proportionality.

“Mass amounts of information transferred in bulk speak of an agreement which was badly cobbled together.”

Mr Moraes condemned the Swedish presidency of the EU Council which last year pushed the SWIFT agreement through a day before the Lisbon Treaty took effect – thus denying Euro MPs a proper say on the issue. “We do not accept that the Council’s treatment of Parliament with disdain during critical negotiations.”

He added: “After a NO vote next week, we will immediately be constructive with the current Spanish Presidency of the Council and the US administration in establishing a just and long-lasting, binding transatlantic agreement which will do what we all want – fight terrorism effectively in these difficult times.”

Note to Editors: By the end of 2010 the EU and US are expected to finalise an agreement on the transfer of banking data in the fight against terrorism. In the meanwhile, on the 30th of November 2009 the US Administration negotiated with the EU Commission and Council an interim agreement which entered into force provisionally on the 1st of February 2010. Following the entry into force of the Lisbon Treaty on the 1st of December 2009, however, the European Parliament is now having the last word on this interim agreement. 

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Associated media

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