CELEX: 51989PC0208
Language: en
Date: 1989-04-18
Title: REEXAMINED PROPOSAL FOR A COUNCIL DIRECTIVE ON THE OWN FUNDS OF CREDIT INSTITUTIONS

.v^çÈH
           COMMISSION OF THE EUROPEAN COMMUNITIES
?38=?
                                                      COM (89) 208  final - SYN 53
     :                                                Brussels,18 April 1989
       >4à
                              REEXAMINED PROPOSAL FOR
                                A COUNCIL DIRECTIVE
                     ON THE OWN FUNDS OF CREDIT INSTITUTIONS
                     (presented by the Commission pursuant to
                       Article 149(2)(d) of the EEC Treaty)
 ---pagebreak---                                          - 1-
                                                                            {S-to 8
                                 REEXAMINED PROPOSAL
                               FOR A COUNCIL DIRECTIVE
                      ON THE OWN FUNDS Of CREDIT INSTITUTIONS
                               Explanatory Memorandum
 1.   The or I g I na I proposa I for a Counc it D » rec t i ve on the Own Funds of
      Credit Institutions was submitted by the Commission to the Council
     on 18 September 1986 1 .
 2.  The Economic and Social Committee delivered its opinion2 on 14 May
      1987 and the European Parliament delivered its opinion 3 on 9 July
      1987.
3.   Pursuant to Article 149(3) of the Treaty, the Commission submitted
     an amended proposal4 which         largely took account of the proposed
     amendments.
4.   On   21 December      1988 the Council unanimously      agreed on a common
               5
     position     on which the Council has delivered its reasons6 and the
     Commission its observations7.
5.   The European Parliament had         its second reading on 15 March 1989
     under   the      cooperation   procedure  and   voted    in  favour  of two
                    8
     amendements .
T   ÔJ Nd C 243, 27.9.1986, p.4
2   OJ N° C 180, 8.7.1987, p. 51
3   OJ N° C 246, 14.9.1987, p. 72
4   OJ N° C 32, 5.2.1988, p. 2
5   The Council Doc. 4020/89 of 6.1.1989
6   The Council Doc. 4020/89 Add. 1 of             6.1.1989 and    Cor.  1(f) of
    13.1.1989 and Cor. 2 of 17.1.1989
7   Sec(88) 2046 SYN 53 of 3.1.1989
8   EP 130.923
                                                                                    I
 ---pagebreak---   6.    The two a"-     ^ents adopted by the European Parliament concern the
        question   of   comito logy and   they propose    to use   the management
        committee,    2B  procedure of     the  Council's   decision of   13 July
            9
        1987 . The Parliament vigorously rejected Art. 8 of the Council's
        common position which reserved to the Council, on a provisional
        basis, the implementing powers.
 7.    The Commission thought it appropriate to propose in all the banking
       directives (own funds, second banking directive, solvency ratio)
        the   procedure   of    regulatory   committee,   procedure   3Aw of  the
       Council's     decision   of  13 July    1987. This procedure    gives  the
       Commission all the powers it needs and           it is the only adequate
       procedure taking into account the nature of the measures which will
       have to be taken. In the banking field, the implementing powers
       will not be used for a day-to-day management, as it is the case in
       other sectors (e.g. agriculture) where the management            committee
       procedure is appropriate.
 8.    This is the reason why the Commission, although it welcomes the
       decision of the European Parliament to reject the position of the
       Council    on   Comito logy,  prefers    to  persist   in  its  reexamined
       proposal and vigorously defend the regulatory committee version 3A.
S    ÔJ N - L 1Ô7 of 18.7.1987, p. 33
 ---pagebreak---                                           REEXAMINED PROPOSAL
                                       FOR A COUNCIL DIRECTIVE
                             ON THE OWN FUNDS OF CREDIT INSTITUTIONS
 Common    position       of     the     Council     Reexamined proposai of the Commission
                                    Recitals 1 to 16 unchanged
 17th Recital                                         17th Recital
Whereas it will probably be necessary to             Whereas it will probably be necessary to
make       certain         technical          and    make certain technical and terminological
 terminological      adjustments        to    the    adjustments     to  the   Directive    to  take
Directive to take account of the rapid               account    of   the   rapid    development   of
development      of     financial       markets;     financial markets; whereas the Commission
whereas    pending      submission      by    the    will    make     such    adjustments,     where
Commission    of   a  proposal    which     takes    necessary, being assisted in this task by
account   of  the special      characteristics       a   committee   of   representatives    of  the
of the banking sector and which permits              Member      States      chaired      by     the
the   introduction     of   a   more    suitable     representative     of   the  Commission;    the
procedure for the implementation of this             appropriate measures will be adopted         in
Directive,     the   Council     reserves     the    accordance    with   procedure    III, Variant
right to take such measures,                         (a), as laid down in Article 2 of Council
                                                     Decision 87/373/EEC of 13 July 1987 1 .
                                   Remaining Recitals unchanged
                                     Articles 1 to 7 unchanged
                                                                        Article 8
                   Article 8
                                                     1.    Without    prejudice    to   the   report
Without prejudice to the report referred             referred    to   in   Article    2(2),   second
to in Article 2(2), second subparagraph,             subparagraph,       technical      adaptations
technical    adaptations      deemed      to   be    deemed to be necessary to this directive
necessary to this directive to:                      to:
                                                           OJ N* L 197, 18.7.1987, p. 33
 ---pagebreak---  Common    posi t ion          the    Counc iI   Reexamined proposal of the Commission
     clarify   the   definitions   to  ensure          clarify   the   definitions    to   ensure
     uniform   application    of   the   said          uniform   application     of   the    said
     directive throughout the Community;              directive throughout the Community;
     clarify   the    definitions   to   take         clarify    the    definitions     to   take
     account,   in   implementing   the  said         account,    in   implementing    the   said
     directive,   of   developments   on  the         directive,    of   developments    on   the
     financial markets;                               financial markets;
     bring the terminology and wording of             bring the terminology and wording of
     the definitions into line with that              the definitions into line with that
     of subsequent acts concerning credit             of subsequent acts concerning credit
     institutions and related areas;                  institutions and related areas;
shall be adopted by the Council        acting   shall   be  adopted    by   the Commission     in
by a qualified majority on a Commission         accordance with the procedure         laid down
proposa I.                                      in paragraph 2.
                                               2.     The Commission shall be assisted by
                                               a       committee       composed      of       the
                                               representatives of the Member States and
                                               chaired by the representative of the
                                               Commission.
                                               The    representative      of   the   Commission
                                               shall submit to the committee a draft of
                                               the measures to be taken. The committee
                                               shall    deliver   its opinion on     the draft
                                               within a time      limit which     the chairman
                                               may lay down according to the urgency of
                                               the    matter.     The     opinion    shall     be
                                               delivered by     the majority     laid down     in
                                               Article 148(2) of the Treaty in the case
                                               of    decisions     which     the   Council     is
                                                                                                  f
 ---pagebreak--- Common position of the Council Reexamined proposal of the Commission
                                required to adopt on a proposal from the
                               Commission.       The      votes     of      the
                               representatives     of    the   Member    States
                               within the committee shall be weighted In
                               the manner set out in that Article. The
                               Chairman shall not vote.
                               The Commission shall adopt the measures
                               envisaged if they are in accordance with
                               the opinion of the Committee.
                                If  the measures     envisaged    are  not   in
                               accordance    with    the    opinion   of    the
                               committee, or if no opinion is delivered,
                               the   Commission    shall,     without    delay,
                               submit to the Council a proposal relating
                               to the measures to be taken. The Council
                               shall act by a qualified majority.
                                If, on the expiracy of a period to be
                                laid down in each act to be adopted by
                               the   Council   under    this   paragraph    but
                               which may in no case exceed three months
                               from the date of referral to the Council,
                               the Council has not acted, the proposed
                               measures    she 11    be    adopted    by    the
                               Commission.
 ---pagebreak---  ---pagebreak--- Commission of the European Communities
COM(89) 208 final
Re-examined proposal for a
COUNCIL DIRECTIVE
on the own funds of credit institutions
(presented by the Commission pursuant to Article 149(2)(d) of the EEC
Treaty)
18.4.1989
Office for Official Publications of the European Communities
L - 2985 Luxembourg
Series: DOCUMENTS
1989 — 6 pp. — Format: 21.0 * 29.7 cm
EN
ISSN 0254-1475
ISBN 92-77-48694-5
Catalogue number: CB-CO-89-160-EN-C
 ---pagebreak---                                          ISSN 0254-1475
COM(89) 208 final
DOCUMENTS
Re-examined proposal for a
COUNCIL DIRECTIVE
on the own funds of credit institutions
(presented by the Commission pursuant to
Article 149(2)(d) of the EEC Treaty)
 10                                     18.4.1989
Catalogue number: CB-CO-89-160-EN-C
ISBN 92-77-48694-5
€
COMMISSION OF THE EUROPEAN COMMUNITIES