Commission Directive 2004/69/EC of 27 April 2004 amending Directive 2000/12/EC of the European Parliament and of the Council as regards the definition of "multilateral development banks" (Text with EEA relevance)
Date: 2004-04-27
Institutions: European Commission
Subjects: credit institution, economic analysis, provision of services

L 125/44

EN

Official Journal of the European Union

28.4.2004

COMMISSION DIRECTIVE 2004/69/EC

of 27 April 2004

amending Directive 2000/12/EC of the European Parliament and of the Council as regards the
definition of ‘multilateral development banks’

(Text with EEA relevance)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

HAS ADOPTED THIS DIRECTIVE:

Article 1

Article 1(19) of Directive 2000/12/EC is replaced by the
following:

the Asian Development Bank,

‘19.
“multilateral development banks” shall mean the
International Bank for Reconstruction and Development,
the International Finance Corporation, the Inter-American
Development Bank,
the
African Development Bank, the Council of Europe Resettle-
ment Fund, the Nordic Investment Bank, the Caribbean
Development Bank, the European Bank for Reconstruction
and Development,
the
Inter-American Investment Corporation and the Multilateral
Investment Guarantee Agency;’

the European Investment Fund,

Article 2

Member States shall bring into force the laws, regulations and
administrative provisions necessary to comply with this Direc-
tive by 30 June 2004 at the latest. They shall forthwith inform
the Commission thereof.

When Member States adopt those provisions, they shall contain
a reference to this Directive or be accompanied by such a refer-
ence on the occasion of their official publication. Member
States shall determine how such reference is to be made.

Article 3

This Directive shall enter into force on the 20th day following
that of its publication in the Official Journal of the European
Union.

This Directive is addressed to the Member States.

Article 4

Done at Brussels, 27 April 2004.

For the Commission

Frederik BOLKESTEIN

Member of the Commission

Having regard to the Treaty establishing the European
Community,

Having regard to Directive 2000/12/EC of the European Parlia-
ment and of the Council of 20 March 2000 relating to the
taking up and pursuit of the business of credit institutions (1),
and in particular the fifth indent of Article 60(1) thereof,

Whereas:

(1)

(2)

(3)

(4)

(5)

Article 1(19) of Directive 2000/12/EC defines ‘multilat-
eral development banks’ in an enumerated manner.

In a letter of November 2002, the Multilateral Invest-
ment Guarantee Agency (MIGA) requested to be taken
up into the list of Article 1(19) of Directive 2000/12/EC.

MIGA is a member of the World Bank Group. MIGA
provides guarantees to private sector investors against
non-commercial risks and, in particular, the risk of loss,
according to clearly defined criteria,
arising from
currency inconvertibility and transfer, expropriation, war
and civil disturbance, and breach of contract by a
government entity. The purpose of MIGA is to promote
the economic development of its developing member
countries by encouraging the establishment, expansion
and modernization of private — and specifically small
or medium-scale-enterprises, so as to compliment the
activities of
the World Bank
Group.

the other members of

MIGA has a risk profile equivalent to the multilateral
development banks enumerated in Article 1(19) of
Directive 2000/12/EC and is therefore eligible for inclu-
sion into Article 1(19) and in the consequence to benefit
from the preferential risk weighting as laid down in
Article 43 of Directive 2000/12/EC.

The measures provided for in this Directive are in
accordance with the opinion of the Committee required
to assist the Commission in accordance with the proce-
dure laid down in Article 60(2) of Directive 2000/12/
EC,

(1) OJ L 126, 26.5.2000, p. 1. Directive as last amended by Directive

2002/87/EC (OJ L 35, 11.2.2002, p. 1).