WHILST PROVIDING THAT CONFIDENTIAL INFORMATION COVERED BY THE OBLIGATION OF PROFESSIONAL SECRECY MAY NOT BE DIVULGED EXCEPT BY VIRTUE OF PROVISIONS LAID DOWN BY LAW . SIMILARLY , ARTICLE 12 ( 2 ) PROVIDES THAT THE OBLIGATION TO MAINTAIN PROFESSIONAL SECRECY MAY NOT PREVENT THE COMPETENT AUTHORITIES FROM EXCHANGING INFORMATION AND THAT INFORMATION SO EXCHANGED IS COVERED BY THAT OBLIGATION .
THE FIRST QUESTION
25 THE FIRST QUESTION IS IN SUBSTANCE WHETHER ARTICLE 12 ( 1 ), WHICH STATES THAT THE OBLIGATION TO MAINTAIN PROFESSIONAL SECRECY IMPOSED ON PERSONS NOW OR IN THE PAST EMPLOYED BY THE COMPETENT AUTHORITIES MEANS THAT ANY CONFIDENTIAL INFORMATION WHICH THEY MAY RECEIVE IN THE COURSE OF THEIR DUTIES MAY NOT IN PRINCIPLE BE DIVULGED TO ANY PERSON OR AUTHORITY , ALSO APPLIES IN CASES IN WHICH SUCH PERSONS GIVE EVIDENCE IN CIVIL ACTIONS .
26 AN ANALYSIS OF THE GENERAL AIMS OF THE DIRECTIVE AND THE CONTEXT OF ARTICLE 12 ( 1 ) SHOWS THAT , IN ORDER TO CREATE THE LEGISLATIVE CONDITIONS REQUIRED FOR A COMMON MARKET FOR CREDIT INSTITUTIONS , THE DIRECTIVE IS DESIGNED TO FACILITATE THE OVERALL MONITORING OF CREDIT INSTITUTIONS OPERATING IN MORE THAN ONE MEMBER STATE BY THE COMPETENT AUTHORITIES OF THE MEMBER STATE IN WHICH THE CREDIT INSTITUTION HAS ITS HEAD OFFICE . OWING TO THE DIFFERENCES IN THE LEGISLATION OF THE MEMBER STATES IN THIS FIELD , THE DIRECTIVE PROVIDES THAT THE COMPETENT AUTHORITIES ARE TO COLLABORATE CLOSELY IN ORDER TO SUPERVISE THE ACTIVITIES OF CREDIT INSTITUTIONS . TO THAT END THE DIRECTIVE PROVIDES FOR PROFESSIONAL SECRECY TO BE ENSURED AND REQUIRES THE COMPETENT SUPERVISORY AUTHORITIES TO EXCHANGE INFORMATION WHICH MAY FACILITATE THE MONITORING OF THE LIQUIDITY AND SOLVENCY OF CREDIT INSTITUTIONS .
27 IF THE MONITORING OF BANKS THROUGH SUPERVISION WITHIN A MEMBER STATE AND THE EXCHANGING OF INFORMATION BY THE COMPETENT AUTHORITIES IS TO FUNCTION PROPERLY , IT IS NECESSARY TO PROTECT PROFESSIONAL SECRECY . THE DISCLOSURE OF CONFIDENTIAL INFORMATION FOR WHATEVER PURPOSE MIGHT HAVE DAMAGING CONSEQUENCES NOT ONLY FOR THE CREDIT INSTITUTION DIRECTLY CONCERNED BUT ALSO FOR THE BANKING SYSTEM IN GENERAL . CONSEQUENTLY , IF THERE WAS NO DUTY TO KEEP CONFIDENTIAL INFORMATION SECRET , THE OBLIGATORY EXCHANGE OF INFORMATION BETWEEN THE COMPETENT AUTHORITIES MIGHT BE JEOPARDIZED BECAUSE THE AUTHORITY OF A MEMBER STATE COULD NOT BE SURE THAT THE CONFIDENTIAL INFORMATION IT PROVIDES TO AN AUTHORITY IN ANOTHER MEMBER STATE WILL IN PRINCIPLE REMAIN CONFIDENTIAL .
28 WITH THOSE CONSIDERATIONS IN MIND THE GOVERNMENTS AND THE COMMISSION AS WELL AS MR HILLENIUS HAVE RIGHTLY POINTED OUT THE GREAT IMPORTANCE WHICH THE DUTY TO MAINTAIN PROFESSIONAL SECRECY HAS FOR EMPLOYEES AND FORMER EMPLOYEES OF A SUPERVISORY AUTHORITY . THUS THE ACTUAL WORDS OF ARTICLE 12 ( 1 ), WHICH PROVIDES THAT CONFIDENTIAL INFORMATION RECEIVED BY EMPLOYEES OF COMPETENT AUTHORITIES IN THE COURSE OF THEIR DUTIES ' MAY NOT BE DIVULGED TO ANY PERSON OR AUTHORITY EXCEPT BY VIRTUE OF PROVISIONS LAID DOWN BY LAW ' , AS WELL AS THE AIMS OF THE