CELEX: 51984PC0260
Language: en
Date: 1984-05-14
Title: PROPOSAL FOR A COUNCIL DIRECTIVE AMENDING DIRECTIVE 77/780/EEC ON THE COORDINATION OF LAWS, REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING TO THE TAKING UP AND PURSUIT OF THE BUSINESS OF THE CREDIT INSTITUTIONS

No C 153/4                              Official Journal of the European Communities                                13.6.84
               Proposal for a Council Directive amending Directive 77/780/EEC on the coordination of
               laws, regulations and administrative provisions relating to the taking up and pursuit of the
                                               business of the credit institutions
                                                      COM(84) 260 final
                               (Submitted by the Commission to the Council on 18 May 1984)
                                                        (84/C 153/06)
THE COUNCIL OF THE EUROPEAN                                        Whereas in November 1981 the incoming Greek
COMMUNITIES,                                                       Government expressed its wish to maintain the
                                                                   criterion of economic need for the setting up of new
Having regard to the Treaty establishing the                       credit institutions and for the opening of branches by
European Economic Community, and in particular                     credit institutions having their head office either in
Article 57 thereof,                                                Greece or in another Member State;
Having regard to the proposal from the Commission,                 Whereas there is a justified case for the maintenance
                                                                   of the criterion of economic need, given the structural
                                                                   problems facing the Greek banking industry;
Having regard to the opinion of the                European
Parliament,
                                                                   Whereas, in order to allow Greece to continue to
                                                                   apply the economic need criterion, it is necessary to
Whereas the first subparagraph of Article 3 (3) (b) of             amend Directive 77/780/EEC,
Council Directive 77/780/EEC ('), as amended by
the Act of Accession of Greece, provides that where
the laws, regulations and administrative provisions of             HAS ADOPTED THIS DIRECTIVE:
a Member State provide, at the time of notification of
the Directive, that the economic needs of the market
shall be a condition of authorization in relation to the                                     Article 1
setting up of new credit institutions and the opening              The following subparagraph is hereby added to
of branches by credit institutions having their head               Article 3 (3) (b) of Directive 77/780/EEC:
office either in Greece or in another Member State,
the State in question may continue to apply that                        'Greece may continue to apply the criterion of
criterion for a period of seven years from                              economic need in relation to the setting up of new
notification;                                                           credit institutions and the opening of branches by
                                                                        credit institutions having their head office either
Whereas the Act of Accession of Greece contains no                      in Greece or in another Member State up to
provision relating to economic need in the banking                      15 December 1989.'
sector and the various notification deadlines laid
down in Directive 77/780/EEC were therefore also                                             Article 2
applicable to Greece;
                                                                   1.     Member States shall take the measures necessary
Whereas, by virtue of Article 143 of the Act of                    to comply with this Directive by at the latest. They
Accession of Greece and of the second subparagraph                 shall forthwith inform the Commission thereof.
of Article 3 (3) (b) of Directive 77/780/EEC, Greece
had until 30 June 1981 to notify the Commission of                 2.     Member States shall communicate to the
its intention to maintain the criterion of economic                Commission the provisions of national law which they
need;                                                              adopt in the field governed by this Directive. The
                                                                   Commission shall inform the other Member States
                                                                   thereof.
Whereas by 30 June 1981 the Commission had
received no such notification;
                                                                                             Article 3
 (') OJ N o L 322, 17. 12. 1977, p. 30.                            This Directive is addressed to the Member States.