COMMISSION OF THE EUROPEAN COMMUNITIES 
Brussels, 27.11.1995 
COM(95) 584 final 
Proposal for a 
COUNCIL DIRECTIVE 
AMENDING ARTICLE 2(2) OF DIRECTIVE 77/780/EEC 
IN RESPECT OF THE LIST OF PERMANENT EXCLUSIONS 
OF CERTAIN CREDIT INSTITUTIONS 
(presented by the Commission) 

EXPLANATORY MEMORANDUM 
I. INTRODUCTION 
The purpose of this proposal for a Directive is to amend the list of credit institutions 
excluded from the scope of the banking directives set out in Article 2(2) of Directive 
77/780/EEC on the coordination of laws, regulations and administrative provisions 
relating to the taking up and pursuit of the business of credit institutions 
II. EXAMINATION OF THE ARTICLES IN THE PROPOSAL FOR A 
DIRECTIVE 
Article 1 : amendment to Article 2(2) of Directive 77/780/EEC 
At the request of Belgium, Denmark, Greece, Spain, the Netherlands, Portugal and 
Finland, this article updates the list of institutions excluded from the scope of the banking 
directives by removing specific institutions whose exclusion is no longer justified. At the 
request of Austria a credit institution has been included in the list. 
lUÇ 
PROPOSAL FOR A COUNCIL DIRECTIVE 
AMENDING ARTICLE 2(2) OF DIRECTIVE 77/780/EEC 
IN RESPECT OF THE LIST OF PERMANENT EXCLUSIONS 
OF CERTAIN CREDIT INSTITUTIONS 
THE COUNCIL OF THE EUROPEAN UNION, 
Having regard to the Treaty establishing the European Community, 
Having regard to the First Council Directive (77/780/EEC) of 12 December 1977 on the 
coordination of laws, regulations and administrative provisions relating to the taking up 
and pursuit of the business of credit institutions,1 and in particular Article 2(2) and (3) 
thereof, 
Having regard to the proposal from the Commission,2 
Whereas Article 2(2) of Council Directive 77/780/EEC provides that specific credit 
institutions of some Member States are permanently excluded from the scope of that 
Directive; 
Whereas Article 2(3) of that Directive provides that the Council, acting on a proposal 
from the Commission, which, for this purpose, must consult the Banking Advisory 
Committee, is to decide on any amendments to the list in paragraph 2; whereas certain 
Member States have asked for the list to be revised; 
OJNoL322, 17.12.1977, p. 30. 
Last amended by Directive 95/26/EC, (OJ No L 168, 18.7.1995, p 7) 
OJNoC, ... 
Whereas adoption of this Directive constitutes the most appropriate means of attaining the 
desired objectives; whereas this Directive is limited to the minimum necessary to attain 
these objectives and does not go beyond what is needed for this purpose, 
Whereas this Directive concerns the European Economic Area (EEA) and whereas the 
procedure under Article 99 of the Treaty on the European Economic Area has been 
complied with; 
Whereas adoption of this Directive has been the subject of consultations with the Banking 
Advisory Committee, which was set up by Council Directive 77/780/EEC, 
HAS ADOPTED THIS DIRECTIVE: 
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Article 1 
Article 2(2) of Directive 77/780/EEC is replaced by the following: 
"2. It shall not apply to: 
the central banks of Member States; 
post office giro institutions; 
in Belgium, the "Institut de Réescompte et de Garantie/Herdiscontering- en 
Waarborginstituut", 
in Denmark, the "Dansk Eksportfinansieringsfond", the "Danmarks 
Skibskreditfond" and the "Dansk Landbrugs Realkreditfond", 
in Germany, the "Kreditanstalt fur Wiederaufbau", undertakings which are 
recognized under the "Wohnungsgemeinniitzigkeitsgesetz" as bodies of state 
housing policy and are not mainly engaged in banking transactions and 
undertakings recognized under that law as non-profit housing undertakings; 
in Greece, the "Elliniki Trapeza Viomichanikis Anaptyxeos", the "Tameio 
Parakatathikon kai Danion" and the "Tahidromiko Tamieftirio"; 
in Spain, the "Instituto de Crédito Oficial"; 
in France, the "Caisse des dépôts et consignations"; 
in Ireland, credit unions and friendly societies; 
in Italy, the "Cassa Depositi et Prestiti"; 
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in the Netherlands, the "Nederlandse Investeringsbank voor Ontwikkelingslanden 
NV", the "NV Noordelijke Ontwikkelingsmaatschappij", the "NV Industriebank 
Limburgs Instituut voor Ontwikkeling en Financiering" and the "Overijsselse 
Ontwikkelingsmaatschappij NV"; 
in Austria, undertakings recognized as housing associations in the public interest 
and the "Oesterreichischen Kontrollbank AG"; 
in Portugal, "Caixas Economicas" existing on 1 January 1986 with the exception 
of those incorporated as limited companies and of the "Caixa Economica 
Montepio Geral"; 
in Finland, the "Teollisen yhteistyôn rahasto Oy/Fonden for industriellt samarbete 
Ab" and the "Kera Oy/Kera Ab"; 
in Sweden, the "Svenska Skeppshypotekskassan"; 
in the United Kingdom, the National Savings Bank, the Commonwealth 
Development Finance Company Ltd, the Agricultural Mortgage Corporation Ltd, 
the Scottish Agricultural Securities Corporation Ltd, the Crown Agents for 
overseas governments and administrations, credit unions and municipal banks." 
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Article 2 
Member States shall bring into force the laws, regulations and administrative provisions 
necessary for them to comply with this Directive by 1st February 1996 They shall 
forthwith inform the Commission thereof. 
When the Member States adopt those measures, they shall contain a reference to this 
Directive or shall be accompanied by such a reference on the occasion of their official 
publication. The methods of making such a reference shall be laid down by the Member 
States. 
Article 3 
This Directive shall enter into force on the day of its publication in the OfficialJournal of 
the European ( Communities. 
Article 4 
This Directive is addressed to the Member States. 
Done at 
For the Council 
The President 

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ISSN 0254-1475 
COM(95) 584 final 
DOCUMENTS 
EN 10 
Catalogue number : CB-CO-95-623-EN-C 
ISBN 92-77-96434-0 
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