8. 2. 88 Official Journal of the European Communities No C 36/1 
II 
(Preparatory Acts) 
COMMISSION 
Amended proposal for a Council Directive concerning the reorganization and the winding-up of credit, 
institutions and deposit-guarantee schemes (*) 
COM(88) 4 final 
(Submitted by the Commission to the Council pursuant to the third paragraph of Article 149 of the 
Treaty on 11 January 1988) 
(88/C 36/01) 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
Council Directive on the coordination of laws, regulations 
and administrative provisions relating to the reorganization 
and the winding-up of credit institutions 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, 
Having regard to the Treaty establishing the European 
Economic Community, and in particular the third sentence 
of Article 57 (2) thereof, 
Having regard to the proposal from the Commission, 
In cooperation with the European Parliament, 
Having regard to the opinion of the Economic and Social 
Committee, 
Whereas, in accordance with the objectives of the Treaty, the 
harmonious development of economic activities throughout 
the Community should be promoted through the elimination 
of any restrictions on freedom of establishment and the 
freedom to provide services within the Community; 
Whereas, at the same time as those restrictions are 
eliminated, consideration should be given to the situation 
which might arise if a credit institution runs into difficulties, 
particularly where that institution has branches in other 
Member States; Council Directive on the coordination of laws, regulations 
and administrative provisions relating to the reorganization 
and the winding-up of credit institutions and 
deposit-guarantee schemes 
Visas unchanged 
First nine recitals unchanged 
(M OJ No C 356, 31. 12. 1985, p. 55. 
No C 36/2 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
Whereas the existing structure of the credit sector, where the 
taking up and pursuit of business are subject to supervision 
by the authorities in all the Member States of the 
Community, justifies the provision of specific measures in 
respect of the reorganization and winding up credit 
institutions; 
Whereas there is a tendency in the laws and practices in force 
in the Member States to institute reorganization procedures, 
aimed at preventing credit institutions from becoming 
insolvent, as soon as financial difficulties become apparent, 
so as to maintain savers' confidence in the banking 
system; 
Whereas it would be very difficult to attempt to unify those 
laws and practices without first securing mutual recognition 
by the Member States of the achievements of each in 
resolving the financial difficulties of its own credit 
institutions; 
Whereas implementation of reorganization measures in 
respect of a credit institution operating in several Member 
States should be entrusted to the competent authorities of one 
Member State, namely that in which the credit institution has 
its head office; whereas those authorities must be empowered 
to enforce their own laws outside their national territory in 
consultation, as appropriate, with the competent authorities 
of the other Member States concerned; 
Whereas reorganization cannot be achieved unless all the 
legal obstacles which might prevent the reorganization 
measures taken by the authorities of the home country from 
being effective against branches are eliminated; 
Whereas it is desirable, and sometimes necessary, to notify 
creditors and shareholders of the implementation of certain 
reorganization measures in countries where branches are 
situated, particularly when such measures could hinder them 
from exercising certain of their rights; 
Whereas it is essential to provide for a procedure to enable 
the Directive to be swiftly adjusted to changes in national 
rules on reorganization measures, which must continue to 
evolve at national level in the light of experience; whereas it is 
desirable to extend the responsibilities of the Advisory 
Committee set up under Council Directive 77/780/EEC (!) 
to this end, by empowering it to give an opinion on whether 
such changes should be adopted or rejected at Community 
level; 
Whereas in the absence of reorganization measures, or in the 
event of such measures failing, the credit institutions in 
difficulty must be wound up; whereas certain provisions 
should be made in such cases for coordinating the banking 
supervisory authorities' role in applying the winding-up 
measures; Whereas in the absence of reorganization measures, or in the 
event of such measures failing, the credit institutions in 
difficulty must be wound up; whereas pending the 
conclusion, on the basis of Article 220 of the EEC Treaty, of 
a Convention on bankruptcy, winding-up arrangements, 
compositions and similar proceedings, it is necessary to 
(') OJ No L 322, 17. 12. 1977, p. 30. 
8. 2. 88 Official Journal of the European Communities No C 36/3 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
coordinate the main provisions applicable when a credit 
institution is wound up; whereas certain provisions should be 
made in such cases for coordinating the banking supervisory 
authorities' role in applying the winding-up measures; 
Whereas the important role played by the competent 
authorities in implementing reorganization measures before 
winding-up commences must continue after winding-up has 
commenced so that the winding-up operations may be 
properly carried out; 11th to 17th recitals unchanged 
Whereas withdrawal of authorization to pursue the businesss 
of banking must be one of the necessary effects of winding-up 
credit institutions; whereas the competent authorities may, 
however, maintain such authorization in certain exceptional 
cases in order to facilitate the winding-up operations; 
Whereas it is acknowledged that, while it is pursuing its 
business, a credit institution and its branches form a single 
entity whose liquidity position and solvency are subject to 
supervision by the competent authorities of the home 
country; whereas it would be inexpedient to abandon 
this rule at a time when a credit institution is being 
wound up; 
Whereas equal treatment of creditors can be guaranteed only 
in so far as the credit institution is wound up according to the 
principles of unity and universality, which require that the 
administraive authorities and courts of a single State have 
jurisdiction, that the home country's law on winding-up be 
applied and that that law effective outside the territory of the 
State concerned; 
Whereas, however, winding-up must be governed by 
particular rules when an institution is solvent; whereas 
voluntary winding-up according to the statutory provisions 
presupposes such solvency; whereas provision should be 
made for the competent authorities to be empowered to 
ensure that the institution is solvent throughout the 
winding-up period; 
Whereas it should be made possible, by means of certain 
adjustments, for the competent authorities' role to be 
coordinated also in respect of branches of credit institutions 
whose head office is outside the Comunity; 
Whereas depositors' interests in the event of an insolvent 
credit institution being wound up must be safeguarded by the 
guarantee schemes existing in the European Community, 
without discrimination in a given territory between branches 
of national or Community credit institutions and also 
without discrimination in a given institution between 
deposits made in the State where the head office is situated 
and those made in branches set up in other States, where no 
deposit-guarantee scheme exists in those States; 
Whereas introduction of a deposit-guarantee scheme should 
be coordinated at a later stage, by means of a Directive, in the 
light of the experience gained during implementation of the 
provisions contained in the Commission's recommendation 
No C 36/4 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
HAS ADOPTED THIS DIRECTIVE: of 22 December 1986 concerning the introduction of 
deposit-guarantee schemes in the Community (87/63/EEC) 
published in OJ No L 33, 4. 2. 1987, 
TITLE I 
Scope and definitions TITLE I 
Scope and definitions 
Article 1 Article 1 
1. This Directive shall apply to credit institutions and 
their branches as defined in the first and third indents of 
Article 1 of Directive 77/780/EEC, due regard being had to 
the conditions and exemptions laid down in Article 2 of that 
Directive. 1. This Directive shall apply to credit institutions and 
their branches set up in a Member State other than that in 
which they have their head office, as defined in the first and 
third indents of Article 1 of Directive 77/780/EEC, due 
regard being had to the conditions and exemptions laid down 
in Article 2 of that Directive. 
2. The provisions of this Directive concerning the 
branches of a credit institution whose head office is outside 
the Community shall apply only where that institution has 
branches in at least two Member States of the 
Community. Unchanged 
Article 2 Article 2 
1. For the purposes of this Directive, 'reorganization 
measures' means measures which are intended to safeguard 
or restore the financial situation of a credit institution and 
which satisfy the following conditions: 
(a) they are included in the list set out in the Annex to this 
Directive; 
(b) they are designed to avoid the opening of a winding-up 
procedure; 
(c) they were decided on before any declaration that the 
credit institution was insolvent. 1. For the purposes of this Directive, 'reorganization 
measures' means the measures included in the list set out in 
Annex I in so far as they are intended to safeguard or restore 
the financial situation of a credit institution. 
2. The following shall not be considered to be 
reorganization measures, even if they are included in the list 
set out in the Annex. 
(a) measures taken as part of the normal supervision of credit 
institutions as defined in Article 7 of Directive 
77/780/EEC, and measures intended to deal with 
infringements of laws or regulations; 
(b) measures taken in connection with bankruptcy 
proceedings, an arrangement or any other winding-up 
procedure already initiated. 
3. The measures referred to in paragraph 1 and the 
authorities responsible for implementing them shall be 
determined by the laws and regulations set out in the 
Annex. Unchanged 
3. For the purposes of this Directive, 'winding-up 
procedures' means the procedures listed in Annex II. 
8. 2. 88 Official Journal of the European Communities No C 36/5 
ORIGINAL PROPOSAL 
Article 3 
For the purposes of this Directive: 
— 'home country' means the Member State in which a credit 
institution has its head office, 
— 'host country' means any Member State — other than that 
defined as being the home country — in which a credit 
institution has set up a branch within the meaning of the 
third indent of Article 1 of Directive 77/780/EEC, 
— 'competent authorities' means the authorities empowered 
to grant and withdraw authorization and/or supervise 
the activities of credit institutions pursuant to Articles 3, 
4, 6, 7 and 8 of Directive 77/780/EEC and any other 
authority listed in the Annex to this Directive as being 
responsible for implementing the reorganization 
measures. 
TITLE II 
Reorganization measures 
A. Credit institutions having their head office within the 
Community 
Article 4 
1. The authorities or courts of the home country shall be 
empowered to decide, in accordance with the rules, 
procedures and practices in force in their territory, on the 
implementation of one or more reorganization measures in a 
credit institution and its branches. 
2. The reorganization measures decided on by the 
competent authorities or court in the home country shall be 
fully effective as against the governing bodies and creditors of 
branches situated in the other Member States, even where the 
rules of the host country applicable to them do not make 
provision for such measures or make their implementation 
subject to conditions which are not fulfilled. AMENDED PROPOSAL 
4. For the purposes of this Directive, 'deposit-guarantee 
schemes' means all provisions designed to guarantee 
appropriate compensation for depositors or to protect them 
against any loss. 
5. The measures referred to in paragraph 1 and the 
winding-up procedures referred to in paragraph 3 as well as 
the authorities responsible for implementing them shall be 
determined by laws and regulations set out in Annexes I 
and II. 
Article 3 
For the purposes of this Directive: 
— Unchanged 
— Unchanged 
— 'competent authorities' means the authorities empowered 
to grant and withdraw authorization and/or supervise 
the activities of credit institutions pursuant to Articles 3, 
4, 6, 7 and 8 of Directive 77/780/EEC and any other 
authority listed in the Annex to this Directive as being 
responsible for implementing the reorganization 
measures or winding-up procedures. 
TITLE II 
Reorganization measures 
A. Credit institutions having their head office within the 
Community 
Article 4 
Unchanged 
Unchanged 
No C 36/6 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
3. Decisions taken by the competent authorities or court 
in the home country to apply one or more reorganization 
measures shall preclude the application or maintenance by 
the competent authorities or court in the host country of any 
reorganization measure within the meaning of Article 2, 
unless a decision to the contrary is taken by the competent 
authorities of the home country. Unchanged 
Article 5 Article 5 
The competent authorities of the home country shall, before 
adopting any reorganization measure, inform, by any 
available means, the competent authorities of the host 
country, of their intention and consult them on the effects of 
such a measure in the host country, unless the measure 
concerned is clearly not likely to have any significant effect on 
a branch situated in another Member State. Unchanged 
Article 6 Article 6 
Where the competent authorities of the host country deem it 
necessary to implement in their territory one or more 
reorganization measures within the meaning of Article 2, 
they shall inform the competent authorities of the home 
country accordingly. Unchanged 
Where, upon receipt of such information, the competent 
authorities of the home country consider that the difficulties 
encountered by the branch are not such as to justify the 
application of Article 4(1) and (2), they shall so inform the 
authorities of the host country, which may decide to apply 
one or more reorganization measures in their territory. Unchanged 
Article 7 Article 7 
1. Where implementation of the reorganization measures 
decided on pursuant to Article 4(1) and (2) directly affects 
the rights of creditors established in a host country and where 
an appeal is possible in the home country against the decision 
ordering the measure, the competent authorities of the home 
country may, should they deem it necessary, publish at the 
expense of the credit institution an extract from their decision 
in the Offical Journal of the European Communities and in 
two nationally distributed newspapers in each host 
country. 1. Where implementation of the reorganization measures 
decided on pursuant to Article 4(1) and (2) is likely directly 
to affect the rights of any creditors including shareholders 
established in a host country and where an appeal is possible 
in the home country against the decision ordering the 
measure, the competent authorities of the home country 
may, should they deem it necessary, publish at the expense of 
the credit institution an extract from their decision in the 
Official Journal of the European Communities and in two 
nationally distributed newspapers in each host country. 
2. The competent authorities of the home country may, 
should they deem it expedient, notify the measure directly 
and individually to creditors resident in the Community 
whose rights are affected. Unchanged 
3. The extract from the decision to be published or the 
notification shall specify, in the national language or 
languages of the States concerned, the purpose and legal basis 
8. 2. 88 Official Journal of the European Communities No C 36/7 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
of the decision taken, the time limits for lodging an appeal 
and the full address of the authorities or court competent to 
examine an appeal. Unchanged 
4. The reorganization measures shall apply irrespective of Unchanged 
the publicity measures prescribed in paragraphs 1 to 3 and 
shall be fully effective as against creditors, unless the 
competent authorities of the home country or the law of that 
country governing the measures provide otherwise. 
5. Except in the case of individual notification, the time Unchanged 
for lodging an appeal shall run from publication in the 
Official journal of the European Communities. 
B. Credit institutions having their head office outside the 
Community B. Credit institutions having their head office outside the 
Community 
Article 8 Article 8 
1. Pending subsequent coordination of laws, regulations 
and administrative provisions applying to the branches of 
credit institutions having their head office outside the 
Community, the authorities and courts of the host country 
shall retain the right to implement reorganization measures 
in accordance with the rules, procedures and practices in 
force in their territory, unless provision is made to the 
contrary in agreements concluded with the home country, in 
accordance with the Treaty, on the basis of the principle of 
reciprocity. Unchanged 
2. However, the competent authority of the host country 
of a branch of a credit institution having its head office 
outside the Community which deems it necessary to 
implement one or more reorganization measures within the 
meaning of Article 2 shall, before adopting such measures, so 
inform, by all available means, the competent authorities of 
the other host countries in which the institution has set up 
branches included in the list mentioned in Article 3 (7) of 
Directive 77/780/EEC and published each year in the 
Official Journal of the European Communities. Unchanged 
3. In cases of extreme urgency, the information referred 
to in paragraph 2 may be replaced by notification of the 
measure, which must be made without delay to the 
competent authorities of the host country. Unchanged 
4. The competent authorities of another host country 
may decide, save where the agreements referred to in 
paragraph 1 are applicable, that the reorganization measures 
of which they are informed, through the procedure referred 
to in paragraph 2 or the notification referred to in 
paragraph 3, shall take effect as against the governing bodies 
and creditors of branches situated in that host country, even 
if the rules applicable to them, by virtue of paragraph 1, do 
not provide for such measures or make their implementation 
subject to conditions which are not fulfilled. Unchanged 
No C 36/8 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
5. The publicity measures entrusted under Article 7 (1) 
and (2) to the competent authorities of the home country 
shall, in the event of application of the provisions of 
paragraph 4 of this Article, be entrusted to the competent 
authority of the host country referred to in paragraph 2. Unchanged 
C. Adjustment of the Directive to changes in national 
legislation C. Adjustment of this Title to changes in national 
legislation 
Article 9 Article 9 
1. The list of reorganization measures given in the Annex 
shall be amended or supplemented in accordance with the 
procedure laid down in this Article. 1. The list of reorganization measures given in Annex I 
shall be amended or supplemented in accordance with the 
procedure laid down in this Article. 
2. If a Member State wishes to make amendments or 
additions to the annexed list, it shall notify the proposed 
measure to the Commission, stating whether or not it 
involves provisions that may affect the rights of creditors. 2. If a Member State wishes to make amendments or 
additions in Annex I, in accordance with its own legislation, 
it shall notify the draft of the proposed measure to the 
Commission. 
3. A Commission representative shall ask the Chairman 
of the Banking Advisory Committee set up by Directive 
77/780/EEC, hereinafter referred to as 'the. Committee', to 
refer the proposed measure to the Committee, asking the 
Committee to hold an emergency meeting if he considers that 
the situation so requires. 3. The Commission shall be assisted by a committee 
composed of the representatives of the Member States and 
chaired by the representatives of the Commission. The 
representative of the Commission shall submit to the 
committee a draft of the measures to be taken. The 
committee shall deliver its opinion on the draft within a time 
limit which the chairman may lay down according to the 
urgency of the matter. 
4. The Committee shall deliver its opinion on the measure 
by a qualified majority of two-thirds of the votes; if, 
however, the proposed amendment concerns a measure that 
may affect the rights of creditors, the Committee shall deliver 
its opinion unanimously. 4. The opinion shall be delivered by the majority laid 
down in Article 148 (2) of the Treaty in the case of decisions 
which the Council is required to adopt on a proposal from the 
Commission. The votes of the representatives of the Member 
States within the committee shall be weighted in the manner 
set out in that Article. The chairman shall not vote. 
5. Where the Committee delivers a favourable opinion on 
the amendment to the list, the Commission shall adopt the 
measure proposed. 5. The Commission shall adopt the measures envisaged if 
they are in accordance with the opinion of the committee. 
6. Where the Committee does not deliver such an 
opinion, the Commission shall without delay present to the 
Council, which shall act by a qualified majority, a proposal 
on the measure to be adopted. 6. If the measures envisaged are not in accordance with 
the opinion of the committee, or if no opinion is delivered, 
the Commission shall, without delay, submit to the Council a 
proposal relating to the measures to be taken. The Council 
shall act by a qualified majority. 
If the Council has not acted within six months of such 
referral, the proposed measure shall be adopted by the 
Commission. If, on the expiry of a period to be laid down in each act to be 
adopted by the Council under this paragraph but which in no 
case may exceed three months from the date of referral to the 
Council, the Council has not acted, the proposed measures 
shall be adopted by the Commission. 
This provision shall not apply where the measure may affect 
the rights of creditors, in that case, the Commission shall 
present to the Council a proposal for a Directive in the 
manner prescribed in Article 149 of the Treaty. 
8. 2. 88 Official Journal of the European Communities No C 36/9 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
7. The Member States may adopt the proposed measures 
without awaiting the decisions of the Committee and of the 
Council; however, decisions taken pursuant to the measure 
shall not be covered by the provisions of this Directive, and in 
particular Article 4 (2) and (3). Unchanged 
Article 10 Article 10 
Each Member State shall ensure that there are no legal 
impediments preventing any reorganization measures that 
may be decided on, in accordance with Article 4, by the 
competent authorities or court of the home country from 
being rendered applicable to branches which credit 
institutions, having their head office in another Member 
State, have set up in its territory; it shall consequently adopt, 
with due regard to the general principles of its own system, 
the laws, regulations and administrative provisions necessary 
to this effect. Unchanged 
TITLE III 
Winding-up TITLE III 
Winding-up 
A. Credit institutions having their head office within the 
Community A. Credit institutions having their head office within the 
Community 
Article 11 Article 11 
1. The competent authorities of the home country shall be 
consulted on any application from creditors, the debtor or 
the representative of the State for a compulsory winding-up 
procedure to be opened. 
2. The business of the credit institution shall be wound 
up in accordance with the law of the home country in so far 
as this Directive and the Convention on bankruptcy, 
winding-up, arrangements, compositions and similar 
proceeding do not provide otherwise. 
3. Decisions on the winding-up of a credit institution 
taken by the administrative authorities or courts, or 
winding-up agencies, shall also be fully effective against the 
credit institutions' branches situated in other Member States 
and shall preclude the opening of any other winding-up 
procedure in respect of them, subject to the provisions of 
Article 12 (2). Unchanged 
2. The business of the credit institution shall be wound up 
in accordance with the law of the home country in so far as 
this Directive does not provide otherwise. 
3. Decisions on the winding-up of a credit institution 
taken by the administrative authorities or courts, or 
winding-up agencies of the home country shall also be fully 
effective against the credit institution's branches situated in 
other Member States and shall preclude the opening of any 
other winding-up procedure in respect of them, subject to the 
provisions of Article 12 (2). 
Article 12 Article 12 
1. The competent authorities of the home country shall be 
consulted prior to any voluntary winding-up decision taken 
by the governing bodies of a credit institution. Unchanged 
No C 36/10 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
2. The voluntary winding-up of a credit institution shall 
not preclude the opening, at the request of the competent 
authorities of the home country, of a procedure for 
administrative or compulsory winding-up, if the governing 
bodies do not carry out such winding-up in a satisfactory 
manner, or there is good reason to believe that the institution 
is not in a position to fulfil its obligations to its creditors. 
Article 13 Article 13 
1. Where a winding-up procedure is opened in respect of a Unchanged 
credit institution in the absence or following the failure of 
reorganization measures, the competent authorities of the 
home country shall withdraw the authorization of the 
institution in accordance with the procedure provided for in 
Article 8 of Directive 77/780/EEC. 
2. However, exceptionally, the withdrawal of 
authorization shall not prevent the person or persons 
entrusted with the winding-up from carrying on some of the 
activities of the credit institution with the consent and under 
the supervision of* the competent authorities of the home 
country, in so far as this is necessary for the purposes of the 
winding-up. This provision shall be applicable in the host 
country only if the law on the withdrawal of banking 
authorization does not provide otherwise. 
3. In the event of voluntary winding-up, the 
authorization provided for in Article 3 of Directive 
77/780/EEC may be maintained until completion of the 
winding-up operations provided the institution continues to 
satisfy the conditions of the authorization. 
Article 14 Article 14 
1. Winding-up shall be carried out under the supervision Unchanged 
of the competent authorities of the home country in 
collaboration with the competent authorities of the host 
country. 
2. Liquidators shall be entitled to exercise in the territory Unchanged 
of all the Member States all the powers which they are 
entitled to exercise in the territory of the Member State in 
which the winding-up procedure is opened. However, even if 
the law of the Member State in which the winding-up 
procedure is opened does not provide for the possibility of 
more than one liquidator being appointed, the competent 
authorities of a host country may, if they deem it necessary, 
request the appointment of a liquidator from among the 
persons exercising the functions of liquidator in their 
territory; similarly, where the law of the Member State in 
which the winding-up procedure is opened permits the 
delegation of certain powers to other persons, such persons 
shall, at the request of the competent authorities of the host 
country be chosen from among the persons able to exercise 
the functions of liquidator in that country. 
8. 2. 88 Official Journal of the European Communities No C 36/11 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
3. The winding-up procedure shall be announced at the 
request of the liquidator or liquidators, through publication 
of an extract from the winding-up decision in the Official 
Journal of the European Communities and two national 
newspapers in each of the host countries. 
B. Credit institutions having their head office outside the 
Community B. Credit institutions having their head office outside the 
Community 
Article 15 Article 15 
1. Where the law of the host country provides for the 
possibility of winding-up a branch of a credit institution 
having its head office outside the Community, such 
winding-up shall be decided on by the competent authorities 
of the host country. Unchanged 
2. The competent authorities of the host country referred 
to in paragraph 1 shall withdraw the authorization of the 
branch if the branch was granted a separate authorization in 
accordance with Article 4 (4) of Directive 77/780/EEC. 
3. The competent authorities referred to in paragraphs 1 
and 2 shall inform the competent authorities of the other host 
countries that authorization has been withdrawn and a 
winding-up procedure opened. 
4. The competent authorities of the host countries other 
than the host country referred to paragraphs 1 and 2 may 
decide to withdraw any separate authorization granted to the 
branch set up in their territory. 
5. Exceptionally, the withdrawal of authorization shall 
not prevent the person or persons entrusted with the 
winding-up from carrying on certain of the activities of the 
branch with the consent of the competent authorities and/or 
under the supervision of the competent courts, in so far as the 
law of the host country so permits. 
6. Withdrawal of authorization shall not bring to an end 
the supervision of the activities of a branch by the competent 
authorities of the host country. 
C. Adjustment of this Title to changes in national 
legislation 
Article 16 
Any amendments to the list of national procedures contained 
in Annex II shall be notified to the Commission. The 
latter will ensure that Annex II is updated and published 
without delay in the Official Journal of the European 
Communities. 
No C 36/12 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL 
TITLE IV 
Deposit-guarantee schemes AMENDED PROPOSAL 
TITLE IV 
Deposit-guarantee schemes 
Article 16 
1. Member States shall ensure that the deposit-guarantee 
schemes that exist in their territory cover the deposits of 
branches of institutions having their head office in another 
Member State. 
2. As a transitional measure, pending entry into force of a 
deposit-guarantee scheme in all Member States, the latter 
shall ensure that the deposit-guarantee schemes, in which the 
institutions that have their head office in their territory take 
part, extend cover to deposits received by branches set up in 
host countries within the Community which have no 
deposit-guarantee scheme, under the same conditions as 
those laid down to guarantee deposits received in the home 
country. Article 17 
Unchanged 
TITLE V 
Final provisions TITLE V 
Final provisions 
Article 17 
1. Member States shall adopt the laws, regulations and 
administrative provisions necessary to comply with this 
Directive not later than 1 January 1990. They shall forthwith 
inform the Commission thereof. Article 18 
Unchanged 
Member States may stipulate that such provisions shall not 
apply until two years after that date. 
2. Member States shall communicate to the Commission 
the texts of the main provisions of national law which they 
adopt in the field governed by this Directive. 
Article 18 
This Directive is addressed to the Member States. Article 19 
Unchanged 
8. 2. 88 Official Journal of the European Communities No C 36/13 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
ANNEX ANNEXI 
LIST OF THE REORGANIZATION MEASURES PROVIDED 
IN ARTICLE 2 (1) OF THE DRAFT DIRECTIVE ON THE 
COORDINATION OF LAWS, REGULATIONS AND 
ADMINISTRATIVE PROVISIONS RELATING TO THE 
REORGANIZATION AND THE WINDING-UP OF CREDIT 
INSTITUTIONS LIST OF THE REORGANIZATION MEASURES PROVIDED 
IN ARTICLE 2 (1) IN THE DRAFT DIRECTIVE ON THE 
COORDINATION OF LAWS, REGULATIONS AND 
ADMINISTRATIVE PROVISIONS RELATING TO THE 
REORGANIZATION AND THE WINDING-UP OF CREDIT 
INSTITUTIONS AND DEPOSIT-GUARANTEE SCHEMES 
BELGIUM BELGIUM 
Banks 
— On-the-spot investigations and expert appraisals: 
— Article 19, paragraph 3, 2°, and paragraph 4, of Royal 
Decree No 185 of 9 July 1935 on the supervision of banks 
and the rules on issues of stocks and securities (penal 
sanction: Article 42, 9°, of the Decree). 
— Competent authority responsible for deciding on the 
investigation or appraisal: Banking Commission 
('Commission Bancaire'). 
— Competent authorities responsible for conducting the 
investigation or appraisal: Banking Commission and the 
Banque Nationale de Belgique, at the request of the Banking 
Commission. 
— Appointment of a special auditor: 
— Article 25, § 1, paragraphs 1 and 2, 1°, and § 2, of Royal 
Decree No 185 of 9 July 1935 (penal sanction for persons 
carrying out acts without the authorization of the special 
auditor: Article 42, 2° bis, of the Royal Decree). 
— Competent authority responsible for appointing the special 
auditor: Banking Commission. 
— Suspension of all or part of a credit institution's activities: 
— Article 25, § 1, paragraphs 1 and 2, 2°, and § 3, of Royal 
Decree No 185 of 9 July 1935 (penal sanction for persons 
carrying out acts in contravention of suspension decision: 
Article 42, 2° bis, of the Royal Decree). 
— Competent authority responsible for suspending activities: 
Banking Commission; an appeal may be made to the 
Ministry of Finance, which confirms or reverses the 
decision. Banks 
Unchanged 
Private savings banks 
— On-the-spot investigations and expert appraisals: 
— Article 16, paragraph 4, 2°, and paragraph 5, of the 
provisions concerning the supervision of private savings 
banks, coordinated by the Royal Decree of 23 June 1967 
(penal sanction: Article 35 of the coordinated provisions). 
— Competent authority responsible for deciding on the 
investigation or expert appraisal: Banking Commission. 
— Competent authorities responsible for carrying out the 
investigation or expert appraisal: the Banking Commission 
and the Banque Nationale de Belgique, at the request of the 
Banking Commission. Private savings banks 
Unchanged 
No C 36/14 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
— Appointment of a special auditor: 
— Article 17 bis, § 1, paragraphs 1 and 2, 1°, and § 2, of the 
coordinated provisions (penal sanction: Article 32,4°, of the 
coordinated provisions). 
— Competent authority: Banking Commission. 
— Suspension of all or part of a credit institution's activities: 
— Article 17 bis, § 1, paragraphs 1 and 2, 2°, and § 3, of the 
coordinated provisions (penal sanction: Article 32,4°, of the 
coordinated provisions). 
— Competent authority and appeal: Banking Commission; an 
appeal may be made to the Ministry of Finance, which 
confirms or reverses the decision. 
— The King has the power, in the Decree revoking a private savings 
bank's authorization to operate, to take appropriate measures to 
safeguard the rights of depositors (especially the transfer of 
privileged savings funds and encumbered assets): Article 23 of 
the coordinated provisions. 
Undertakings governed by Chapter 1 of the Law of 10 June 1964 
— On-the-spot investigations and expert appraisals: 
— Article 6, § 1, paragraph 3,2°, and paragraph 4, of the Law 
of 10 Jurte 1964 on the raising of funds from the public (penal 
sanction: Article 13, 4°, of the Law). 
— Competent authority responsible for deciding on the 
investigation or expert appraisal: Banking Commission. 
— Competent authorities responsible for carrying out the 
investigation or expert appraisal: Banking Commission and 
the Banque Nationale de Belgique at the request of the 
Banking Commission. Undertakings governed by Chapter 1 of the Law of 10 June 1964 
Unchanged 
— Appointment of a special auditor: 
— Article 9 bis, § 1, paragraphs 1 and 2,2°, and § 2, of the Law 
(penal sanction: Article 13, 5°, of the Law). 
— Competent authority: Banking Commission. 
— Suspension of all or part of a credit institution's activities: 
— Article 9 bis, § 1, paragraphs 1 and 2,2° and § 3, of the Law 
(penal sanction: Article 13, 4°, of the Law). 
— Competent authority and appeal: Banking Commission; an 
appeal may be made to the Ministry of Finance, which 
confirms or reverses the decision. 
Public credit institutions /Savings Bank of the General Savings and 
Pension Fund ('Caisse d'Epargne de la Caisse Generale d'Epargne et 
de Retraite') 
— On-the-spot investigations and expert appraisal: 
— Article 1, paragraph 2, of Royal Decree No 2 on the 
supervision of the Savings Banks of the General Savings and 
Pensions Fund. 
— Competent authority responsible for deciding on the 
investigation or expert appraisal: Banking Commission. Public credit institutions/Savings Bank of the General Savings and 
Pension Fund ('Caisse d'Epargne de la Caisse Generale d'Epargne et 
de Retraite') 
— On-the-spot investigations and expert appraisal: 
— Article 1, paragraph 2, of Royal Decree No 2 of 
24 December 1980 on the supervision of the Savings Bank of 
the General Savings and Pensions Fund, which made 
applicable to it Article 19, paragraphs 2 to 5, of Royal Decree 
No 185 of 9 July 1935. 
Unchanged 
8. 2. 88 Official Journal of the European Communities No C 36/15 
ORIGINAL PROPOSAL 
Competent authorities responsible for carrying out the 
investigation or expert appraisal: the Banking Commission 
and the Banque Nationale de Belgique, at the request of the 
Banking Commission. 
— Other measures: 
No special measures; responsibility of Parliament and the 
government. AMENDED PROPOSAL 
Unchanged 
— Advice to managers of the Savings Bank of the General Savings 
and Pensions Fund: 
— Article 3 of Royal Decree No 2 of 24 December 1980. 
— Competent authority: Banking Commission. 
DENMARK 
Article 46 of Law No 35 of 30 January 1981. 
The supervisory authorities for banks and savings banks can declare 
cessation of payments for banks or savings banks, when it is 
necessary in the interests of the depositors. The declaration cannot 
be revoked by the bank or savings bank without the agreement of the 
supervisory authorities. 
The declaration should be sent to the Court 'skifteretten' which is a 
part of the Court system. DENMARK 
Unchanged 
GERMANY 
Measures taken pursuant to Section 46 of the Banking Act: 
— instructions issued to directors, 
— prohibition or limitation of the right to make payments, 
— prohibition or limitation of the right to act as director or 
proprietor, 
— appointment of persons responsible for supervising the 
institution. 
Measures taken pursuant to Section 46a of the Banking Act (J): 
— ban on making payments or disposing of property, 
— closure of a credit institution's counters for business with 
customers, 
— ban on acceptance of payments not intended for the discharge of 
debts to a credit institution. 
Competent authority: Federal Banking Supervisory Office 
(Bundesaufsichtsamt fur das Kreditwesen). GERMANY 
Unchanged 
0) These measures are also listed in Article 1 (b) of the Protocol to the draft 
Convention on bankruptcy, winding-up, arrangements, compositions and 
similar proceedings. SPAIN 
— Temporary suspension of directors: 
— Royal Decree 5/1978 of 6 March 1978. 
— Royal Decree 18/1982 of 24 September 1982. 
Extension to savings and Cooperative Banks of this disposition: 
— Royal Decrees 2575 and 2576/1982 of 1 October 1982. 
Competent authority: Bank of Spain. 
No C 36/16 Official Journal of the European Communities 8. 2; 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
FRANCE FRANCE 
Measures provided for by Law No 84/46 of 24 January 1984 Unchanged 
concerning the activity and supervision of credit institutions. 
Measures to be taken by the Banking Commission ('Commission 
Bancaire'): 
— injunctions (Article 43), 
— appointment of a temporary administrator (Article 44), 
— prohibition of certain operations and other limitations on 
activity (Article 45, § 3), 
— temporary suspension or compulsory resignation of one or more 
of the persons responsible for actually determining the general 
patterns of the activity of credit institutions (Article 45, § 4 and 
5). 
Measures to be taken by the Governor of the Banque de France: 
— organization of the assistance of all credit institutions with a view 
to taking the measures necessary for protecting the interests of 
depositors and third parties, for the functioning of the banking 
system and for preserving the reputation of local banking (Article 
52). 
GREECE GREECE 
Measures provided for by: Unchanged 
(a) Law 1665/1951 organizing the Banking Prudential Control, 
the administrative winding-up of banks, the appointment of a 
Commissioner, liquidation and revocation of licence; 
(b) Law 236/75 organizing the appointment of a temporary 
Commissioner in cases of special urgency and importance; 
(c) Law 431/76 providing for compulsory doubling of share 
capital of banks under certain conditions considered as 
constituting a state of insolvency; 
(d) Law 2292/1953 (especially Articles 10 to 12) dealing with 
compulsory mergers of banking corporations. 
A. Measures to be taken by the Bank of Greece under General Law 
1266/1982 
(i) Compulsory increase of capital (Law 1665/1951, Article 6). 
(ii) Appointment of a Commissioner (Law 1665/1951, Article 
8). 
(hi) Appointment of a temporary Commissioner in cases of special 
importance and urgency (Law 236/75). 
(iv) Obligatory increase (doubling) of share capital by banks who 
have been placed repeatedly under a Commissioner or 
temporary Commissioner and whose share capital and surplus 
is less than 1/70 of the total of their deposits (Law 
431/76). 
B. Measures to be taken by the Government (Council of Ministers 
and Minister of Commerce) 
Compulsory merger of banks and compulsory increase of initial 
share capital by one-third at least (Law 2292/1953, Articles 10 to 
12). 
8. 2. 88 Official Journal of the European Communities No C 36/17 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
IRELAND IRELAND 
Measures relating to licensed banks where the legislative references Unchanged 
are to the Central Bank Act, 1971, and where the competent 
authority is the Central Bank of Ireland: 
— suspension of the right to receive deposits and make payments 
(Section 21), 
— restriction of the scope of authorization (Section 10), 
— prohibition or restriction of advertising concerning deposits 
(Section 22). 
Measures relating to building societies where the legislative 
references are to the Building Societies Act, 1976 and where the 
competent authority is the Registrar of Friendly Societies: 
— restriction on authorization (Section 11), 
— loans from one society to another (Section 24), 
— union of societies (Section 25), 
— transfer of and undertaking to fulfil engagements (Section 
26), 
— confirmation and registration of union under Section 25 or 
transfer of undertaking under Section 26 (Section 27), 
— power of registrar to appoint an inspector or call a special 
meeting (Section 29), 
— power of registrar to suspend the raising of funds and making of 
payments (Section 31), 
— power of registrar to suspend and control advertising (Section 
32). 
ITALY ITALY 
(a) Request for information of the economic situation of the credit Unchanged 
institution or its branches (Section 31 of the Banking Act). 
Competent authority: Banca d'ltalia. 
(b) Investigations at the credit institution and its branches (Section 
31 of the Banking Act). 
Competent authority: Banca d'ltalia. 
(c) Convening of shareholders' meetings and governing bodies of 
the credit institutions with a view to taking special measures 
(Section 35 of the Banking Act). 
Competent authority: Banca d'ltalia. 
(d) Withdrawal of internal administrative and supervisory bodies 
and appointment in their place of special bodies for the 
reorganization of the credit institution (Section 57 of the 
Banking Act). 
Competent authority: Ministry of the Treasury on a proposal 
from the Banca d'ltalia (for appointment of the special bodies, 
only the Banca d'ltalia). 
(e) Temporary suspension of payments and of any executive 
procedure in respect of the credit institution during the special 
administration referred to at (d) (Section 63 of the Banking 
Act). 
Competent authority: Banca d'ltalia. 
No C 36/18 Official Journal of the European Communities 8. 2. 88 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
(f) Temporary suspension of the functions of the credit 
institution's administrative and supervisory bodies and 
appointment of an official of the Banking Supervisory 
Authority to perform tasks in their place (Section 66 of the 
Banking Act). 
Competent authority: Banca d'ltalia. 
(g) Withdrawal of the authorization to operate in respect of the 
credit institution's individual branches on account of 
administrative shortcomings (Section 34 of the Banking 
Act). 
Competent authority: Interministerial Committee for Credit 
and Savings (Comitato interministeriale per il credito ed il 
risparmio). 
LUXEMBOURG 
Measures provided for by the Law of 10 August 1982 Unchanged 
organizing: 
1. the right of the Luxembourg Monetary Institute ('Institut 
Monetaire Luxembourgeois') to suspend credit institutions; 
2. suspension of payments; supervised administration and the 
winding-up of credit institutions. 
Measures to be taken by the Luxembourg Monetary Institute: 
— injunctions (in the event of a crisis) (Article 2), 
— suspension of directors (Article 3) (not applicable to institutions 
governed by Luxembourg public law), 
— total or partial suspension of activities (Article 3). 
Measures to be taken by the district court (Tribunal 
d'Arrondissement') sitting as a commercial court (where 
appropriate, at the request of the Luxembourg Monetary 
Institute): 
— suspension of payments and supervised administration (Articles 
7 to 10) (not applicable to institutions governed by Luxembourg 
public Law). LUXEMBOURG 
NETHERLANDS 
Measures provided by the law of 13 April 1978 concerning the Unchanged 
supervision of credit institutions: 
— injunctions, 
— secret trusteeship (Part III, Section 24), 
— emergency regulations (Part V, Section 31). 
Competent authority: Central Bank 
(De Nederlandsche Bank). NETHERLANDS 
PORTUGAL 
Measures available to the Ministry of Finance after consultation 
with the Bank of Portugal: 
— temporary exemption from certain legal obligations and the 
granting of monetary assistance for institutions in crisis (Decree 
Law 51/84 of 11 February 1984, Article 34), 
— power to grant a special 90-day rehabilitation period for credit 
institutions which have suspended payments and to appoint a 
government trustee, 
8. 2. 88 Official Journal of the European Communities No C 36/19 
ORIGINAL PROPOSAL AMENDED PROPOSAL 
power to appoint an official responsible for the normal operation 
of a 'caixa economica' (Decree Law 136/79 of 18 May 1979, 
Article 23 relating to caixas economicas). 
Measures available to the Council of Ministers following proposals 
from the Ministry of Finance relating to measures under Article 34 of 
the Decree Law of 11 February 1984 (see above): 
— power to appoint delegates, administrators or an administrative 
Committee responsible for managing the institution, 
— power to suspend existing directors from their duties. 
UNITED KINGDOM UNITED KINGDOM 
Measures available to the Bank of England: 
— the power to appoint one or more competent persons to 
investigate and report on the state and conduct of the business of 
an authorized institution (Banking Act 1979, Section 17), 
— the power to revoke outright an institution's authorization 
(Banking Act 1979, Section 7 (1) (a)), 
— the power to revoke an institution's authorization and to grant in 
its place a conditional licence (Banking Act 1979, Section 
7(1) (a) and Section 10), 
— the power, when revoking outright an institution's 
authorization, to give directions as to conduct of the business 
(Banking Act 1979, Sections 8 and 9). Unchanged 
ANNEX II {new) 
LIST OF THE WINDING-UP PROCEDURES PROVIDED FOR IN ARTICLE 2 (3) OF THE DRAFT 
DIRECTIVE ON THE COORDINATION OF LAWS, REGULATIONS AND ADMINISTRATIVE 
PROVISIONS RELATING TO THE REORGANIZATION AND THE WINDING-UP OF CREDIT 
INSTITUTIONS AND DEPOSIT-GUARANTEE SCHEMES 
BELGIUM 
Faillite — faillissement: 
Article 437 et seq. of Volume HI of the Commercial Code. 
Competent authority: Commercial Court. 
DENMARK 
Konkurs: 
— Law No 444 of 28 August 1984. 
— Law No 374 of 15 August 1985 which provides that the above Law is applicable to banks, savings banks 
and cooperatives. 
Competent authority: Skifteretten. 
No C 36/20 Official Journal of the European Communities 8. 2. 88 
GERMANY 
— Konkurs: 
Section 46a of the Banking Act, as at 20 December 1984. 
— Competent authority: Federal Banking Supervisory Office (Bundesaufsichtsamt fur das Kreditwesen). 
— Freiwillige liquidation: 
— Section 38 (2) of the Banking Act. 
— Section 131 et seq. and Section 145 et seq., in the case of an offene Handelsgesellschaft. 
— Section 262 et seq., in the case of an Aktiengesellschaft. 
— Section 60 and Section 78 et seq., in the case of a Genossenschaft. 
SPAIN 
1. Quiebra 
Articles 870 to 941 of the Commercial Code 
2. Suspension di pagos 
— Law of 26 July 1922. 
— Competent authorities: judicial authorities. 
3. Liquidacidn administrativa (following withdrawal of authorization) 
— Section 57a of the Banking Act of 31 December 1946 (as supplemented by Article 4 (3) of Royal Decree 
Law 1298/1986 of 28 June 1986). 
— Competent authorities: Directorate-General for the Treasury and Fiscal Policy of the Ministry of Economic 
Affairs and Enterprises — Banco de Espafia. 
4. Liquidacidn 
— Savings banks: Articles 140 to 146 of Royal Decree Law 2532/1929 of 21 November 1929. 
— Credit cooperatives: Articles 103 to 115 of Law 3/1987 of 2 April 1987. 
— Other credit institutions: Articles 150 to 171 of the Law governing public limited liability companies of 
17 July 1981. 
FRANCE 
— Redressement judiciaire and liquidation judiciaire: 
— Law No 85/98 of 25 January 1985 (Title III). 
— Articles 119 et seq. of Decree No 85/1388 of 27 December 1985. 
— Competent authorities: Commercial Court. 
GREECE 
— AN 1665/1951 «7tepi XEiToupyvai; KCU eUyxou TpajteJ;cbv», dpGpo 9 (£KKa9dpicm). 
— Apu68ia apxf|: «n vouianaTucfi eniTpo7tf|». 
— Law 1665/1951 of 27 January 1951 'on the functioning and control of banks', Article 9 (liquidation). 
— Competent authority: the Monetary Commission. 
IRELAND 
— Bankruptcy. 
— Compulsory winding-up. 
— Creditors' voluntary winding-up (Companies Act 1963, Section VI). 
— Liquidation of banks (Central Bank Act 1971, Sections 28 to 31). 
8. 2. 88 Official Journal of the European Communities No C 36/21 
For Building Societies 
— Compulsory winding-up. 
— Creditors' voluntary winding-up (Building Societies Act 1976, Section 95). 
— Housing (Miscellaneous Provisions) Act 1979, Section 20. 
— Land Act 1984 (Section 4 (2)). 
— Age of Majority Act 1985. 
Competent authority: 
— Competent authority responsible for granting or withdrawing authorization and supervising the activities of 
credit institutions. 
— The High Court, in cases of bankruptcy. 
For Building Societies: Registrar of Friendly Societies who is also the Registrar of Building Societies (Building 
Societies Act 1976, Section 85). 
ITALY 
— Concordato preventivo: 
— Articles 160 to 186 of the Decree of 16 March 1942. 
— Subparagraph 2 (d) of Article 35 of the Decree Law of 12 March 1936, as amended. 
— Competent authority: judicial authority. 
— Liquidazione coatta amministrativa: 
— Articles 67 to 86 of the Decree-Law of 12 March 1936. 
— Articles 194 to 215 of the Decree of 16 March 1942, as amended. 
— Competent authorities: Banca d'ltalia, Ministry of the Treasury and the Interministerial Committee for Credit 
and Savings. 
— Liquidazione volontaria: 
— Article 86a of the Decree of 12 March 1936, as amended. 
LUXEMBOURG 
— Dissolution and liquidation of credit institutions: 
— Article 2 of the Law of 10 August 1982. 
— Competent authorities: the district court sitting as a commercial court at the request of the Procureur d'Etat 
or the Commissaire au controle des banques. 
— Voluntary winding-up: 
— Article 12 of the Law of 10 August 1982. 
NETHERLANDS 
— Vrijwillige solvente liquidatie ingevolge statutaire ontbinding: 
en 
— Gedwongen solvente liquidatie na intrekking van de vergunning: 
— Articles 22 and 23 of Title 1 and Articles 166 to 173 of Title 3 of Volume II of the Civil Code, concerning the 
winding-up of (solvent) persons. 
— Competent authority: the credit institution itself. 
— Solvente liquidatie tijdens de noodregeling: 
— Paragraphs 1 and 6 of Article 3 6 of the Law concerning the supervision of credit institutions which provides 
that the abovementioned provisions of the Civil Code are applicable. 
— Competent authority: the trustees. 
No C 36/22 Official Journal of the European Communities 8. 2. 88 
— Insolvente liquidatie na faillietverklaring van de kredietinstelling: 
— Law on bankruptcy of 30 September 1893 and amendments S 140, Articles 1 to 212 of Title I. 
— Competent authority: the Court. 
PORTUGAL 
— Rules governing the winding-up of banking institutions: 
— Article 11 et seq. of Decree Law No 30—689 of 27 August 1940. 
— Competent authority: Minister of Finance. 
— Liquidacao na sequencia de revojacao de autorizacao: 
— Competent authority: Minister of Finance. 
— Cooperative banks: 
— Articles 75 and 77 of Decree Law No 454 / 80 of 9 October 1980 which refer to the general rules governing 
the bankruptcy procedure. 
— Article 1245 et seq. of Chapter XV of Decree Law No 44/129 of 28 December 1961. 
— Sale of property: Article 882 et seq. 
UNITED KINGDOM 
— Compulsory winding-up (Insolvency Act 1986, Section 4). 
— Creditors' voluntary winding-up. 
— Corporate voluntary arrangements (Insolvency Act 1986, Section 1). 
— Corporate arrangements and reconstructions (Companies Act 1985, Section 13). 
For Building Societies (Building Societies Act 1986, Section 10): 
— Compulsory winding-up. 
— Creditors' voluntary winding-up. 
— Dissolution by consent of an appropriate majority of the society's members. 
Competent authority: judicial authority. 
Voluntary liquidation (Insolvency Act 1986, Section 4). 
Proposal for a Council Directive amending Directives 65/65/EEC, 75/318/EEC and 75/319/EEC 
on the approximation of provisions laid down by law, regulation or administrative action relating to 
proprietary medicinal products 
COM(87) 697 final 
(Submitted by the Commission to the Council on 12 January 1988) 
(88/C 36/02) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, In cooperation with the European Parliament, 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 100A 
thereof, 
Having regard to the proposal from the Commission, Having regard to the opinion of the Economic and Social 
Committee, 
Whereas the essential aim of any rules governing the 
production, distribution or use of medicinal products must 
be to ensure a high level of protection of public health;