LYMEC Vice President Alexander Plahr adds: 'This data sharing agreement must be stopped. The number of European transactions handled by SWIFT will become a lot higher in the coming years, as the Single Euro Payment Area (SEPA) replaces traditional national clearing infrastructures. Doing your wire transfers by IBAN and BIC number will then be the standard even within member states.'

Before continuing: 'SWIFT moves its servers to Europe with the very purpose to protect their customers –basically everyone’s- privacy from unlimited access which is not allowed by a judge in a rule-of-law way. Now member states foil that intention by making the European database just as un-private as the current one in the US. This is a sellout of our bank data which can not be tolerated! Us liberals believe that especially in the fight against terrorism we as a free society must stick to our ideals and moral high ground. We do not protect our liberty by abolishing it!'

Note: LYMEC recently did a campaign on privacy, which can be viewed here: www.lymec.eu/nomorebigbrother/

Correction: A former version of this statement incorrectly spoke about the European Commission being mandated. Even though the Commission is involved in the process, it indeed is the Presidency of the Council that was mandated for the negotiations. Thanks to Julien Frisch for pointing out.