Commission Directive 2007/18/EC of 27 March 2007 amending Directive 2006/48/EC of the European Parliament and of the Council as regards the exclusion or inclusion of certain institutions from its scope of application and the treatment of exposures to multilateral development banks (Text with EEA relevance )
Date: 2007-03-27
Institutions: European Commission
Subjects: credit institution, development bank, provision of services, right of establishment

28.3.2007

EN

Official Journal of the European Union

L 87/9

DIRECTIVES

COMMISSION DIRECTIVE 2007/18/EC

of 27 March 2007

amending Directive 2006/48/EC of the European Parliament and of the Council as regards the
exclusion or inclusion of certain institutions from its scope of application and the treatment of
exposures to multilateral development banks

(Text with EEA relevance)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

(5)

Having regard to the Treaty
Community,

establishing the European

the European
Having regard to Directive 2006/48/EC of
Parliament and of the Council of 14 June 2006 relating to
the taking up and pursuit of the business of credit institutions
(recast) (1),
in particular points (d) and (l) of Article 150(1)
thereof,

Whereas:

comprised of

the poorest countries in the world.

International Finance Facility for Immunisation is a new
type of international development financing institution. It
legally binding
has a financial base
payment obligations (grants)
from central government
donors. The funds borrowed by International Finance
Facility for Immunisation in the international capital
markets will finance immunisation programmes in 70
of
International
Finance Facility for Immunisation will act as a bank to
the Global Alliance for Vaccines and Immunisation to
provide funds
to
eligible developing countries’ immunisation programmes.
International Finance Facility for
Immunisation will
outsource its two primary activities to existing multina-
tional entities: financing, financial management and risk
management will be outsourced to the World Bank and
programme management and secretariat functions will be
outsourced to Global Alliance for Vaccines and Immuni-
sation.

that will be disbursed as grants

(1)

(2)

(3)

(4)

Article 2 of Directive 2006/48/EC lists those institutions
explicitly excluded from the scope of application of that
Directive.

list

the legal

The Danish Ministry of Economic and Business Affairs
has requested that Dansk Landbrugs Realkreditfond be
in Article 2 of Directive
deleted from the
2006/48/EC. A review of
status and the
particular structure of Dansk Landbrugs Realkreditfond
justifies
its deletion from Article 2 of Directive
2006/48/EC. The Danish Ministry of Economic and
Business Affairs has also requested that
the name of
Danmarks Skibskreditfond be changed to Danmarks
Skibskredit A/S, due to a change of name of this insti-
tution.

Annex VI, Part 1, point 20 of Directive 2006/48/EC lists
the multilateral development banks’ exposures to which a
0 % risk weight should be assigned.

The World Bank, acting on behalf of the International
Finance Facility for
Immunisation, has requested the
inclusion of the latter in the list in Annex VI, Part 1,
point 20 of Directive 2006/48/EC.

(1) OJ L 177, 30.6.2006, p. 1.

(6)

(7)

(8)

International Finance Facility for Immunisation has a risk
profile equivalent to the multilateral development banks
enumerated in Annex VI, Part 1, point 20 of Directive
2006/48/EC and is therefore eligible for inclusion into
Annex VI, Part 1, point 20 and in consequence to benefit
from a 0 % risk weight as laid down in that provision.

The Islamic Development Bank has requested that it be
included in the list in Annex VI, Part 1, point 20 of
Directive 2006/48/EC.

The Islamic Development Bank has been set up by the
governments of 29 countries with predominantly Muslim
populations for the purpose of fostering economic devel-
opment and social progress of member countries and
Muslim communities individually as well as jointly and
in accordance with “Shariah” rules. The Islamic Devel-
opment Bank may undertake any activities which may
advance this purpose. The agreement explicitly mentions
e.g. equity investments, loans, trade finance and technical
assistance.

L 87/10

EN

Official Journal of the European Union

28.3.2007

(9)

Islamic Development Bank has a risk profile equivalent to
the multilateral development banks enumerated in Annex
VI, Part 1, point 20 of Directive 2006/48/EC and is
therefore eligible for inclusion into Annex VI, Part 1,
from a 0 %
point 20 and in consequence to benefit
risk weight as laid down in this provision.

(10) Directive 2006/48/EC should therefore be amended

accordingly.

(11)

The measures provided for
in this Directive are in
accordance with the opinion of the European Banking
Committee,

HAS ADOPTED THIS DIRECTIVE:

Article 1

Directive 2006/48/EC is amended as follows:

1. In Article 2, the fourth indent is replaced by the following:

‘— in Denmark, the “Dansk Eksportfinansieringsfond”, the
“Danmarks Skibskredit A/S” and the “KommuneKredit;”.’

2. In Annex VI, Part 1, point 20 is replaced by the following:

‘20. Exposures to the following multilateral development

banks shall be assigned a 0 % risk weight:

(a)

the International Bank for Reconstruction and
Development;

(b)

the International Finance Corporation;

(c)

the Inter-American Development Bank;

(d)

the Asian Development Bank;

(j)

the European Investment Bank;

(k)

the European Investment Fund;

(l)

the Multilateral Investment Guarantee Agency;

(m) the International Finance Facility for Immunisation;

and

(n)

the Islamic Development Bank.’

Article 2

the latest,

1. Member States shall adopt and publish, by 30 September
2007 at
the laws, regulations and administrative
provisions necessary to comply with this Directive. They shall
forthwith communicate to the Commission the text of those
provisions and a correlation table between those provisions and
this Directive.

They shall apply those provisions from 1 October 2007.

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

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.

Article 3

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

Article 4

(e)

the African Development Bank;

This Directive is addressed to the Member States.

(f)

the Council of Europe Development Bank;

(g)

the Nordic Investment Bank;

(h)

the Caribbean Development Bank;

(i)

the European Bank for Reconstruction and Devel-
opment;

Done at Brussels, 27 March 2007.

For the Commission

Charlie McCREEVY
Member of the Commission