Council Directive 1999/60/EC of 17 June 1999 amending Directive 78/660/EEC as regards amounts expressed in ecus
Date: 1999-06-17
Institutions: Council of the European Union
Subjects: accounting, euro, organisation, turnover

26. 6. 1999

EN

Official Journal of the European Communities

L 162/65

COUNCIL DIRECTIVE 1999/60/EC

of 17 June 1999

amending Directive 78/660/EEC as regards amounts expressed in ecus

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European
Community,

Having regard to the Fourth Council Directive 78/
660/EEC of 25 July 1978 based on Article 44(3)(g) of the
Treaty on the annual accounts of certain types of compa-
nies (1), and in particular Article 53(2) thereof,

Having regard to the proposal from the Commission.

(1) Whereas Articles 11 and 27 of Directive 78/
660/EEC and, by way of reference, Article 6 of
Directive 83/349/EEC (2) and Articles 20 and 21 of
Directive
thresholds
expressed in ecus for the balance sheet total and
the net turnover within which Member States may
grant derogations from the said Directives;

84/253/EEC (3)

contain

(2) Whereas,

in accordance with Article 53(2) of
Directive 78/660/EEC, every five years the Council,
acting on a proposal from the Commission, is to
examine and,
revise the amounts
expressed in ecus in that Directive, in the light of
economic and monetary trends in the Community;

if need be,

(3) Whereas to date the Council, in accordance with
Article 53(2) of Directive 78/660/EEC, has on three
occasions revised the amounts expressed in ecus by
means of Directives 84/569/EEC (4), 90/604/EEC (5)
and 94/8/EC (6);

(4) Whereas the fourth five-year period following the
adoption of Directive 78/660/EEC on 25 July 1978
ended on 24 July 1998 and a review of
those
amounts is thus justified;

(5) Whereas, over the last five years, the ecu has lost
part of its value, measured in real terms; whereas,
on the basis of the economic and monetary trends
in the Community, an increase in the amounts
expressed in ecus is necessary;

(6) Whereas Council Regulation (EC) No 974/98 of 3
May 1998 on the introduction of
the euro (7),
provides that as from 1 January 1999, the currency

(1) OJ L 222, 14.8.1978, p. 11. Directive as last amended by

Directive 94/8/EC (OJ L 82, 25.3.1994, p. 33).

(2) OJ L 193, 18.7.1983, p. 1.
(3) OJ L 126, 12.5.1984, p. 20.
(4) OJ L 314, 4.12.1984, p. 28.
(5) OJ L 317, 16.11.1990, p. 57.
(6) OJ L 82, 25.3.1994, p. 33.
(7) OJ L 139, 11.5.1998, p. 1.

of participating Member States shall be the euro
and that
the euro shall be substituted for the
currency of each participating Member State at the
fixed conversion rate; whereas Council Regulation
(EC) No 1103/97 of 17 June 1997 on certain provi-
sions relating to the introduction of the euro (8)
provides that during the transitional period (1
January 1999 to 31 December 2001) the euro is to
be divided into national currency units according
is therefore
to the conversion rates; whereas it
in this Directive be
appropriate that amounts
in euro
expressed in euro; whereas
appearing in this Directive are to be converted into
the national currency units of Member States
adopting the euro according to the conversion
rates; whereas amounts in euro appearing in this
Directive are to converted into the national
currency of Member States not adopting the euro
according to the exchange rate published in the
Official Journal of the European Communities of
4 January 1999,

amounts

HAS ADOPTED THIS DIRECTIVE:

Article 1

Article 11 of Directive 78/660/EEC is hereby

1.
amended as follows:

 in the first indent ‘balance sheet total: ECU 2 500 000'
total: EUR

shall be replaced by ‘balance sheet
3 125 000';

 in the second indent ‘net turnover: ECU 5 000 000'
shall be replaced by ‘net turnover: EUR 6 250 000';

Article 27 of Directive 78/660/EEC is hereby

2.
amended as follows:

 in the

first

indent

total: ECU
10 000 000' shall be replaced by ‘balance sheet total:
EUR 12 500 000';

‘balance

sheet

 in the second indent ‘net turnover: ECU 20 000 000'
shall be replaced by ‘net turnover: EUR 25 000 000';

3.
The revision of the amonts referred to in paragraphs
1 and 2 shall constitute the fourth five-yearly revision
provided for in Article 53(2) of Directive 78/660/EEC.

(8) OJ L 162, 19.6.1997, p. 1.

L 162/66

EN

Official Journal of the European Communities

26. 6. 1999

Article 2

For Member States not adopting the euro, the equivalent
amount in national currency shall be that obtained by
applying the exchange rate published in the Official
Journal of the European Communities published on 4
January 1999.

Article 3

Those Member States which intend to make use of
1.
the option provided for in Articles 11 and 27 of Directive
78/660/EEC, as amended by this Directive, shall bring
into force the measures necessary for them to comply
with this Directive at any time after its publication. They
shall forthwith inform the Commission thereof.

2. When Member States adopt these measures, they
shall contain a reference to this Directive or shall be
accompanied by such reference on the occasion of their
official publication. The methods of making such refer-
ence shall be laid down by Member States.

3. Member States shall communicate to the Commis-
sion the texts of the main provisions of national
law
which they adopt in the field governed by this Directive.

Article 4

This Directive shall enter into force on the date of its
publication in the Official Journal of the European
Communities.

Article 5

This Directive is addressed to the Member States.

Done at Luxembourg, 17 June 1999.

For the Council

The President

F. MÜNTEFERING