Common Position (EC) No 9/2000 of 29 November 1999 adopted by the Council, acting in accordance with the procedure referred to in Article 251 of the Treaty establishing the European Community, with a view to adopting a Directive of the European Parliament and of the Council amending Council 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
Date: 1999-11-29
Institutions: Council of the European Union
Subjects: approximation of laws, capacity to exercise rights, credit institution, right of establishment

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Official Journal of the European Communities

28.1.2000

COMMON POSITION (EC) No 9/2000

adopted by the Council on 29 November 1999

with a view to adopting Directive 2000/(cid:133)/EC of the European Parliament and of the Council of
laws, regulations and
(cid:133) amending Council Directive 77/780/EEC on the coordination of
the business of credit
administrative provisions relating to the taking-up and pursuit of

institutions

(2000/C 26/02)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

(4)

Having regard to the Treaty establishing the European
Community, and in particular the first and third sentences of
Article 47(2) thereof,

Having regard to the proposal from the Commission (1),

Directive 1999/(cid:133)/EC of the European Parliament and of
the Council of (cid:133) on the taking-up, pursuit and
the business of electronic
prudential
electronic money
money
institutions;

supervision of

institutions (6)

defines

(5)

it is necessary for electronic money to be redeemable to
ensure bearer confidence,

Having regard to the opinion of
Committee (2),

the Economic and Social

HAVE ADOPTED THIS DIRECTIVE:

Having regard to the opinion of the European Central Bank (3),

Acting in accordance with the procedure laid down in Article
251 of the Treaty (4),

Whereas:

(1)

(2)

(3)

in accordance with the objectives of the Treaty,
desirable
the activities of credit
Community,
electronic money;

it is
to promote harmonious development of
the
institutions
in particular as regards the issuance of

throughout

certain institutions limit their activity primarily to the
issuance of electronic money; to avoid any distortion of
competition between electronic money issuers, even as
it is
regards application of monetary policy measures,
to suitable
advisable that
these institutions,
specific provisions taking into account
their special
characteristics, be brought within the scope of Council
Directive 77/780/EEC (5);

subject

is

advisable,

it
to extend to these
institutions the definition of credit institutions provided
for in Article 1 of Directive 77/780/EEC;

consequently,

(1) OJ C 317, 15.10.1998, p. 12.
(2) OJ C 101, 12.4.1999, p. 64.
(3) OJ C 189, 6.7.1999, p. 7.
(4) Opinion of the European Parliament of 15 April 1999 (OJ C 219,
30.7.1999, p. 421), common position of
the Council of 29
November 1999 and Decision of the European Parliament of (cid:133)
(not yet published in the Official Journal).

(5) OJ L 322, 17.12.1977, p. 30. Directive as last amended by

Article 1

Directive 77/780/EEC is hereby amended as follows:

1) Article 1, first indent, shall be replaced by the following

text:

(cid:145)(cid:151) credit institution means:

(a) an undertaking whose business

to receive
deposits or other repayable funds from the public
and to grant credits for its own account; or

is

(b) an electronic money institution within the meaning
European
the
of Directive
Parliament and of
the Council of (cid:133) on the
taking-up, pursuit and prudential supervision of the
business of electronic money institutions (*).

1999/(cid:133)/EC

of

(*) OJ (cid:133)(cid:146).

2. The following Article shall be added to Title IV:

(cid:145)Article 13a

Article 3 of Directive 1999/(cid:133)/EC shall apply to credit
institutions.(cid:146)

Directive 98/33/EC (OJ L 204, 21.7.1998, p. 29).

(6) OJ L (cid:133)

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Article 2

Article 3

1. Member States shall bring into force the laws, regulations
and administrative provisions necessary to comply with this
Directive not later than (cid:133) (*). They shall immediately inform
the Commission thereof.

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 a reference shall be laid down by the
Member States.

This Directive shall enter
publication in the Official Journal of the European Communities.

into force on the day of

its

Article 4

This Directive is addressed to the Member States.

Done at Brussels, (cid:133)

2. Member States shall communicate to the Commission the
text of the main provisions of national law which they adopt
in the field covered by this Directive.

For the European Parliament

For the Council

(cid:133)

The President

(cid:133)

The President

(*) 18 months after the date of entry into force of this Directive.

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Official Journal of the European Communities

28.1.2000

STATEMENT OF THE COUNCIL’S REASONS

I.

INTRODUCTION

for a Directive
On 22 September 1998,
amending Council 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, based on Article
47(2) of the EC Treaty, in particular the first and third sentences thereof.

the Commission forwarded to the Council a proposal

The European Parliament gave its opinion on the first reading of the proposal on 15 April 1999. The
Economic and Social Committee gave its opinion on 27 January 1999 and the European Central Bank
gave its opinion on 18 January 1999.

On 29 November 1999, the Council adopted its common position pursuant to Article 251 of the
Treaty.

II. ANALYSIS OF THE COMMON POSITION

The common position is complementary to the common position on the Directive on the taking-up,
the pursuit and the prudential supervision of the business of electronic money institutions.

It defines electronic money institutions as credit institutions, thus submitting them to the provisions
of the First and Second Banking Directives (Directives 77/780/EEC and 89/646/EEC) and thereby
granting them the European passport. At the same time it creates a level playing field between
different types of credit institutions.

The common position fully incorporates Amendment 25 proposed by the European Parliament where
the Article concerning the redeemability of electronic money is made applicable to all credit
institutions. However, it was felt that the best technical means of doing this was by inserting a new
Article 13a into the First Banking Directive, Directive 77/780/EEC.

The article on implementation has been aligned with the common position on the Directive on the
taking-up, pursuit and prudential supervision of the business of electronic money institutions.

The recitals incorporate Amendment 24 proposed by the European Parliament and are for the rest
unchanged compared to the Commission proposal.

III. CONCLUSION

The common position follows the Commission proposal and includes both amendments proposed by
the European Parliament.