No C 153/4 Official Journal of the European Communities 13.6.84 
Proposal for a Council Directive amending Directive 77/780/EEC on the coordination of 
laws, regulations and administrative provisions relating to the taking up and pursuit of the 
business of the credit institutions 
COM(84) 260 final 
(Submitted by the Commission to the Council on 18 May 1984) 
(84/C 153/06) 
THE COUNCIL OF THE EUROPEAN 
COMMUNITIES, 
Having regard to the Treaty establishing the 
European Economic Community, and in particular 
Article 57 thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European 
Parliament, 
Whereas the first subparagraph of Article 3 (3) (b) of 
Council Directive 77/780/EEC ('), as amended by 
the Act of Accession of Greece, provides that where 
the laws, regulations and administrative provisions of 
a Member State provide, at the time of notification of 
the Directive, that the economic needs of the market 
shall be a condition of authorization in relation to the 
setting up of new credit institutions and the opening 
of branches by credit institutions having their head 
office either in Greece or in another Member State, 
the State in question may continue to apply that 
criterion for a period of seven years from 
notification; 
Whereas the Act of Accession of Greece contains no 
provision relating to economic need in the banking 
sector and the various notification deadlines laid 
down in Directive 77/780/EEC were therefore also 
applicable to Greece; 
Whereas, by virtue of Article 143 of the Act of 
Accession of Greece and of the second subparagraph 
of Article 3 (3) (b) of Directive 77/780/EEC, Greece 
had until 30 June 1981 to notify the Commission of 
its intention to maintain the criterion of economic 
need; 
Whereas by 30 June 1981 the Commission had 
received no such notification; Whereas in November 1981 the incoming Greek 
Government expressed its wish to maintain the 
criterion of economic need for the setting up of new 
credit institutions and for the opening of branches by 
credit institutions having their head office either in 
Greece or in another Member State; 
Whereas there is a justified case for the maintenance 
of the criterion of economic need, given the structural 
problems facing the Greek banking industry; 
Whereas, in order to allow Greece to continue to 
apply the economic need criterion, it is necessary to 
amend Directive 77/780/EEC, 
HAS ADOPTED THIS DIRECTIVE: 
Article 1 
The following subparagraph is hereby added 
Article 3 (3) (b) of Directive 77/780/EEC: to 
(') OJ No L 322, 17. 12. 1977, p. 30. 'Greece may continue to apply the criterion of 
economic need in relation to the setting up of new 
credit institutions and the opening of branches by 
credit institutions having their head office either 
in Greece or in another Member State up to 
15 December 1989.' 
Article 2 
1. Member States shall take the measures necessary 
to comply with this Directive by at the latest. They 
shall forthwith inform the Commission thereof. 
2. Member States shall communicate to the 
Commission the provisions of national law which they 
adopt in the field governed by this Directive. The 
Commission shall inform the other Member States 
thereof. 
Article 3 
This Directive is addressed to the Member States.