List of credit institutions authorized in Austria, Finland, Iceland, Norway and Sweden provided for in Article 3 (7) of Directive 77/780/EEC (94/C 394/01)

General

Articles 3 (7) and 10 (2) (1) of 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 (2) require the Commission to draw up and publish a list of all credit institutions authorized to do business in Member States. Paragraph 6 (b) of Protocol 1 to the EEA Agreement requires that facts, procedures, reports and alike regarding the EFTA States shall be published in a separate section of the Official Journal of the European Communities when corresponding information is to be published regarding the EC Member States.

This is the first occasion on which the Standing Committee of the EFTA States complies with the abovementioned requirement, in accordance with paragraph 6 (b) of Protocol 1 to the EEA Agreement and Article 1 (1) (b) of Protocol 1 to the Agreement on a Standing Committee of the EFTA States. The list published in the Annex to this communication reflects the situation as at 31 August 1994. As regards the content of the list, updating of the list and classification of credit institutions in the list by groups, reference is made to the corresponding list published by the Commission (OJ No C 156, 7. 6. 1994, p. 1) and explanations given in part I, General. Similarly, explanatory comments have been added to the country sections.

The present list was drawn up by the Standing Committee of the EFTA States on the basis of information supplied by the EFTA states concerned. The list has no legal significance and confers no rights in law. If an unauthorized institution is inadvertently included in the list, its legal status is in no way altered; similarly, if an institution has inadvertently been omitted from the list, the validity of its authorization will not be affected.

AUSTRIA

1. Sector of commercial banks (Sektor 'Aktienbanken')

The commercial banks are 'universal' (i.e. all-purpose) banks formed under private law. These are in general:

- 'Aktiengesellschaften' (public limited companies) in accordance with the 'Aktiengesetz' (Companies Law),

- 'Gesellschaften mit beschränkter Haftung' (private limited liability companies) in accordance with the 'Gesetz über Gesellschaften mit beschränkter Haftung' (law concerning private limited liability companies).

2. Savings bank sector (Sektor 'Sparkassen')

The savings bank sector comprises the local savings banks and the central institution at national level (GiroCredit Bank Aktiengesellschaft der Sparkassen). The central institution at national level handles, besides the regular banking activities, payment transfers of the local savings banks, administers the savings banks' 'liquidity reserves' and acts as the sector-clearing institution.

The savings bank sector consists of 'Vereinssparkassen' (savings banks established by a savings bank association, similar to the German 'freie Sparkassen') and 'Gemeindesparkassen' (municipal savings banks established by one or more municipalities which also guarantee their liabilities).

The framework for the business activities of savings banks is provided by the banking law and the banking licence granted to them. Savings banks are now all-purpose credit institutions, but their activities are mainly based on the savings business and the granting of credits in their local areas.

3. Rural cooperative bank sector (Sektor 'Raiffeisenkassen')

The rural cooperative bank sector comprises a large number of local credit cooperatives, nine regional central institutions and the central institution at national level (Raiffeisen Zentralbank Österreich AG). The central institution at national level handles, besides the regular banking activities, payment transfers of the credit cooperatives, administers the credit cooperatives, 'liquidity reserves' and acts as the sector-clearing institution.

The legal status of these institutions is usually that of registered cooperatives in accordance with the 'Genossenschaftsgesetz' (law concerning cooperatives). Rural credit cooperatives traditionally offer a range of banking services to small entities, to the cooperative members, farmers and also to individual persons in the rural areas; however, a key aspect of their activities continues to be taking deposits from and granting loans to members of the cooperative.

4. Industrial cooperative bank sector (Sektor 'Volksbanken')

The industrial cooperative bank sector, organized according to the system of 'Schulze-Delitzsch'-cooperatives, comprises local credit cooperatives and the central institution at national level (Österreichische Volksbanken AG). The central institution at national level handles, besides the regular banking activities, payment transfers of the credit cooperatives, administers the credit cooperatives, 'liquidity reserves' and acts as the sector-clearing institution.

The legal status of these institutions is usually that of registered cooperatives in accordance with the 'Genossenschaftsgesetz' (law concerning cooperatives). Industrial cooperative banks traditionally offer a range of banking services to small-scale industrial enterprises and also to individual persons; however, a key aspect of their activities continues to be taking deposits from and granting loans to members of the cooperative.

5. Mortgage credit institutions (Sektor 'Landes-Hypothekenbanken')

Mortgage credit institutions are, besides the regular banking activities, specializing in long-term loans for housing and to the public authorities and the issuance of mortgage bonds and communal bonds.

6. Building Societies (Sektor 'Bausparkassen')

The building societies focus on residential housing finance in accordance with the 'Bausparkassengesetz' (law concerning building societies). The building societies accept deposits from savers and, from these deposits, grant savers low-interest loans secured by mortgages on residential property.

7. Special purpose banks (Sektor 'Sonderbanken')

Some Austrian banks are classified as special purpose banks ('Sonderbanken'). These are credit institutions specializing in factoring, leasing, promoting regional development, export promotion and the venture capital business.

The 'Österreichische Postsparkasse' (Austrian Postal Savings Bank) financing primarily the public sector belongs to the group of special purpose banks, too.

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FINLAND

DEPOSIT BANKS (talletuspankit, depositionsbanker)

The deposit banks offer a full range of banking services. Besides accepting deposits, they engage in lending, effect domestic and foreign payments, provide asset management and trustee services as well as a wide range of investment, financial and consultation services. Only deposit banks can accept deposits. On the basis of their organizational structure, deposit banks have been divided into four categories: commercial banks, savings banks, savings bank limited liability companies and cooperative banks.

1. Commercial banks (liikepankit, affärsbanker)

Commercial banks are limited liability companies. They are domestically owned or in foreign ownership. The head offices of the foreign owned branches are given in the column marked 'observations'.

The main legislation concerning commercial banks is the Act on Credit Institutions, Statute No 1607 of 30 December 1993. In addition to the abovementioned act the Commercial Banks Act, Statute No 1266 of 28 December 1990 with later amendments is also applied. The foreign owned branches have their own legislation: the Act Relating to the Activities of Foreign Credit and Financial Institutions in Finland, No 1608 of 30 December 1993.

2. Savings banks (säästöpankit, sparbanker)

Savings banks are non-profit, self-governing institutions which are so organized that neither founders, guarantors nor other participants own the assets or surplus.

Skopbank (under the title 'commercial banks') is the central bank of the savings banks.

The main legislation concerning savings banks is the Act on Credit Institutions. Also the Savings Banks Act, Statute No 1270 of 28 December 1990 with later amendments is applied.

3. Savings bank limited liability companies (säästöpankkiosakeyhtiöt, sparbanksaktiebolag)

Savings bank limited liability companies are owned by foundations and the shares of these companies can be sold only by the permission of the Ministry of Finance. The Act on the Conversion of Savings Banks into Limited Liability Banks, Statute No 972 of November 1992 and the Act on Credit Institutions are the main statutes concerning these banks. Also the Commercial Banks Act and Savings Banks Act are applied.

4. Cooperative banks (osuuspankit, andelsbanker)

A cooperative bank is a business undertaking carrying on banking activities in the form of a cooperative society. The cooperative banks are owned by their members.

Okobank (under the title 'commercial banks') is the central bank of the cooperative banks.

The main legislation concerning cooperative banks is the Act on Credit Institutions. Also the Cooperative Banks Act, Statute No 1266 of 28 December 1990 with later amendments is applied.

Other credit institutions (muut luottolaitokset, andra kreditinstitut)

Under the title 'other credit institutions' are mentioned other credit institutions than deposit banks. They are entitled to offer all banking services except deposit-taking. Although there is no classification in the Act on Credit Institutions, these other credit institutions can be divided into different categories by the nature of their activities: finance and credit card companies, mortgage banks and special credit institutions.

The business of an 'other credit institution' may be carried on through a limited company, a cooperative society or a mortgage society.

The main legislation concerning 'other credit institutions' is the Act on Credit Institutions. The Act on Mortgage Societies, Statute No 936 of 8 December 1978 with later amendments, is also applied when a mortgage society is concerned.

ICELAND

1. Commercial banks and savings banks (vi sskiptabankar og sparisjó sir)

The activities of commercial banks and savings banks consist of the custody and investment of money, the transfer of funds, trading in securities and other services normally connected with such transactions. Only commercial banks and savings banks and other institutions with special legal authorization may accept deposits from the public for safekeeping and investment.

(a) Commercial banks (vi sskiptabankar)

Commercial banks are divided into two groups. Commercial banks owned by the State, i.e. State commercial banks and commercial banks operated by limited companies.

A commercial bank must be established as a limited company with a minimum share capital of ECU 5 million.

Limited companies are those defined as such in the Limited Companies Act.

(b) Savings banks (sparisjó sir)

Savings banks are so-called self-governing institutions. The founders of a savings bank, i.e. guarantee capital owners, shall be no fewer than 30. Guarantee capital owners shall own equal holdings and shall have equal voting rights unless the articles of association permit some other arrangement. The guarantee capital owners are not liable for the savings bank's commitments beyond the extent of their guarantee capital and they do not have the right to a share of the profits arising from the savings bank's operational surplus in excess of a maximum percentage of dividend in relation to guarantee capital shares, decided each year by the Savings Banks' Deposit Guarantee Fund. Local communal authorities nominate at least two of the five members of the board of directors of a savings bank.

No savings bank may be established with guarantee capital lower then ECU 5 million. The Minister of Commerce may waive this minimum requirement after receiving proposals from the Bank Inspectorate and the Savings Banks' Deposit Guarantee Fund. However, guarantee capital may at no time be less than ECU 1 million. Savings banks operating on 1 July 1993 with own funds lower than ECU 1 million may continue their operations provided that their own funds do not drop below the level to which they amounted on 1 July 1993.

2. Credit institutions other than commercial banks and savings bank (a srar lánastofnanir en vi sskiptabankar og sparisjó sir)

The definition of 'credit institution other than commercial banks and savings banks' comprises companies or institutions, other than included under items 1 (a) and 1 (b) whose principal activity is to make loans in their own name and which raise capital for this purpose through the issue and sale to the public of bonds and other repayable debt instruments, see however the definition of leasing company under item 2 (b), and provide services which are connected in a normal way with such credit activities. These credit institutions may not accept deposits from the public for safekeeping and investment.

(a) Institutions other than leasing companies (a srar lánastofnanir en eignarleigufyrirtæki)

A credit institution, other than a leasing company, applying to aforementioned definition must be established as a limited company with a minimum share capital of ECU 5 million. Those credit institutions operating on 30 December 1993 do not have to change their legal form to a limited company form and those institutions operating at that same time with their own funds lower than ECU 5 million may continue their operations, provided that their own funds do not drop below the level to which they amounted on 30 December 1993.

(b) Leasing companies (eignarleigufyrirtæki)

A leasing company is a credit institution which has leasing as its main activity, irrespective of how this activity is financed. A leasing company must be established as a limited company with a minimum share capital of ECU 1 million. Those leasing companies operating on 30 December 1993 with their own funds lower than ECU 1 million may continue their operations, provided that their own funds do not drop below the level to which they amounted on 30 December 1993.

NORWAY

1. Commercial Banks (forretningsbanker)

Commercial banks are limited liability companies (aksjeselskaper) except for the Postal Bank (Norges Postbank) which is a separate State enterprise established in accordance with the Postal Bank Act, Statute No 51 of 5 June 1992. The Postal Bank is supervised by the Norwegian Banking, Insurance and Securities Commission (Kredittilsynet).

Commercial banks are entitled and obliged to include the word 'bank' in their names; no one else but savings banks may do the same. The main legislation applying to commercial banks is the Commercial Bank Act, Statute No 1 of 24 May 1961 and the Financing Activity and Financial Institution Act, Statute No 40 of 10 June 1988.

Commercial Banks are authorized to operate a deposit-taking business and to provide general banking services.

2. Savings banks (sparebanker)

Savings banks are self-governing institutions which are organized in accordance with the Savings banks Act.

The main legislation applying to savings banks is the Saving Bank Act, Statute No 1 of 24 May 1961 and the Financing Activity and Financial Institutions Act, Statute No 40 of 10 June 1988.

Savings banks are entitled and obliged to include the word 'Savings bank' (sparebank) in their names; no one else except commercial banks are entitled to use the word 'bank'.

Savings banks are authorized to operate a deposit-taking business and to provide general banking services.

3. Financing companies and

4. Mortgage companies

Financing Companies (finansieringsforetak) and mortgage companies (Kredittforetak) may be organized either as limited liability companies (aksjeselskaper), self-owning institutions (foundations)(stiftelse), borrowers' associations (loan associatings (kredittforening) or mortagege associations (hypotekforening)).

The main legislation applying to financing companies and mortgage companies is the Financing Activity and Financial Institutions Act, Statute No 40 of 10 June 1988.

Financing companies may engage in financing activities defined as the granting, intermediating or furnishing of guarantees for credit, or otherwise participating in the financing of activity other than one's own.

Mortgage companies are institutions which pursuant to their articles of association finance their lending activity mainly through issue of bonds.

SWEDEN

1. Banks (banker)

Banks have the exclusive right to accept deposits on accounts from the public. These institutions usually provide a wide range of general banking services.

(a) Commercial banks (affärsbanker)

are limited liability companies subject to the regulation contained in the Banking Business Act (bankrörelselagen (1987: 617)) and the Banking Companies Act (bankaktiebolagslagen (1987: 618)).

(b) Savings banks (sparbanker)

are subject to the Banking Business Act and the Savings Bank Act (sparbankslagen 1987: 619)). The objective of a savings bank is to promote savings and conduct business on a non-profit basis within a certain region.

2. Other credit institutions (övriga kreditinstitut)

This group consists of finance companies, credit companies and one cooperative mortage institution. The acts governing finance companies and credit companies have been abrogated on 1 January 1994. These companies must apply for authorization according to the new Credit Market Companies Act (lagen (1992: 1610) om kreditmarknadsbolag) in order to continue their business after 31 December 1994. The act governing the cooperative mortgage institution is currently under review.

(a) Finance companies (finansbolag)

are limited liability companies governed by the Finance Company Act (finansbolagslagen (1988: 606)). These companies provide conventional lending, different kinds of leasing etc. They finance their operations on the money market and through borrowing directly from other financial institutions. The companies are also allowed to issue bonds and short-term loan instruments.

(b) Credit companies (kreditaktiebolag)

are limited liability companies governed by the Credit Companies Act (lagen (1993:76) om kreditaktiebolag). These companies grant loans against collateral in the form of mortgages. They finance their lending operations by issuing bonds and other instruments. The institutions specialize in a certain area; for example, long-term financing of housing and other property, municipalities or industry and commerce.

(c) There is one cooperative mortgage institution (kooperativ hypoteksinstitution)

the General Mortgage Bank of Sweden and the 10 Rural Mortgage Associations (Landshypotek). The institution is subject to a special law. The business is similar to that of the credit companies.

(1) Article 10 (2) does not apply in the EEA context.

(2) OJ No L 322, 17. 12. 1977, p. 30.

ANEXO - BILAG - ANHANG - ÐÁÑÁÑÔÇÌÁ - ANNEX - ANNEXE - ALLEGATO - BIJLAGE - ANEXO

AUSTRIA ØSTRIG ÖSTERREICH ÁÕÓÔÑºÁ AUSTRIA AUTRICHE AUSTRIA OOSTENRIJK ÁUSTRIA

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FINLANDIA FINLAND FINNLAND ÖÉÍËÁÍÄÉÁ FINLAND FINLANDE FINLANDIA FINLAND FINLÂNDIA

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ISLANDIA ISLAND ISLAND ÉÓËÁÍÄºÁ ICELAND ISLANDE ISLANDA IJSLAND ISLANDIA

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NORUEGA NORGE NORWEGEN ÍÏÑÂÇÃÉÁ NORWAY NORVÈGE NORVEGIA NOORWEGEN NORUEGA

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SUECIA SVERIGE SCHWEDEN ÓÏÕÇÄÉÁ SWEDEN SUÈDE SVEZIA ZWEDEN SUÉCIA

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