CELEX: 51988PC0004
Language: en
Date: 1988-01-04
Title: AMENDED PROPOSAL FOR A COUNCIL DIRECTIVE CONCERNING THE REORGANIZATION AND THE WINDING-UP OF CREDIT INSTITUTIONS AND DEPOSIT-GUARANTEE SCHEMES

8. 2. 88                                  Official Journal of the European Communities                                No C 36/1
                                                                  II
                                                          (Preparatory Acts)
                                                     COMMISSION
              Amended proposal for a Council Directive concerning the reorganization and the winding-up of credit,
                                           institutions and deposit-guarantee schemes (*)
                                                           COM(88) 4 final
              (Submitted by the Commission to the Council pursuant to the third paragraph of Article 149 of the
                                                     Treaty on 11 January 1988)
                                                            (88/C 36/01)
                     ORIGINAL PROPOSAL                                                      AMENDED PROPOSAL
Council Directive on the coordination of laws, regulations            Council Directive on the coordination of laws, regulations
and administrative provisions relating to the reorganization          and administrative provisions relating to the reorganization
          and the winding-up of credit institutions                   and the winding-up of credit institutions                and
                                                                                         deposit-guarantee schemes
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European                 Visas unchanged
Economic Community, and in particular the third sentence
of Article 57 (2) thereof,
Having regard to the proposal from the Commission,
In cooperation with the European Parliament,
Having regard to the opinion of the Economic and Social
Committee,
Whereas, in accordance with the objectives of the Treaty, the         First nine recitals unchanged
harmonious development of economic activities throughout
the Community should be promoted through the elimination
of any restrictions on freedom of establishment and the
freedom to provide services within the Community;
Whereas, at the same time as those restrictions are
eliminated, consideration should be given to the situation
which might arise if a credit institution runs into difficulties,
particularly where that institution has branches in other
Member States;
(M OJ No C 356, 31. 12. 1985, p. 55.
 ---pagebreak--- No C 36/2                                   Official Journal of the European Communities                                    8. 2. 88
                      ORIGINAL PROPOSAL                                                    AMENDED PROPOSAL
Whereas the existing structure of the credit sector, where the
taking up and pursuit of business are subject to supervision
by the authorities in all the Member States of the
Community, justifies the provision of specific measures in
respect of the reorganization and winding up credit
institutions;
Whereas there is a tendency in the laws and practices in force
in the Member States to institute reorganization procedures,
aimed at preventing credit institutions from becoming
insolvent, as soon as financial difficulties become apparent,
so as to maintain savers' confidence in the banking
system;
Whereas it would be very difficult to attempt to unify those
laws and practices without first securing mutual recognition
by the Member States of the achievements of each in
resolving the financial difficulties of its own credit
institutions;
Whereas implementation of reorganization measures in
respect of a credit institution operating in several Member
States should be entrusted to the competent authorities of one
Member State, namely that in which the credit institution has
its head office; whereas those authorities must be empowered
to enforce their own laws outside their national territory in
consultation, as appropriate, with the competent authorities
of the other Member States concerned;
Whereas reorganization cannot be achieved unless all the
legal obstacles which might prevent the reorganization
measures taken by the authorities of the home country from
being effective against branches are eliminated;
Whereas it is desirable, and sometimes necessary, to notify
creditors and shareholders of the implementation of certain
reorganization measures in countries where branches are
situated, particularly when such measures could hinder them
from exercising certain of their rights;
Whereas it is essential to provide for a procedure to enable
the Directive to be swiftly adjusted to changes in national
rules on reorganization measures, which must continue to
evolve at national level in the light of experience; whereas it is
desirable to extend the responsibilities of the Advisory
Committee set up under Council Directive 77/780/EEC (!)
to this end, by empowering it to give an opinion on whether
such changes should be adopted or rejected at Community
level;
Whereas in the absence of reorganization measures, or in the           Whereas in the absence of reorganization measures, or in the
event of such measures failing, the credit institutions in             event of such measures failing, the credit institutions in
difficulty must be wound up; whereas certain provisions                difficulty must be wound up; whereas pending the
should be made in such cases for coordinating the banking              conclusion, on the basis of Article 220 of the EEC Treaty, of
supervisory authorities' role in applying the winding-up               a Convention on bankruptcy, winding-up arrangements,
measures;                                                              compositions and similar proceedings, it is necessary to
(') OJ No L 322, 17. 12. 1977, p. 30.
 ---pagebreak--- 8. 2. 88                                    Official Journal of the European Communities                                  No C 36/3
                        ORIGINAL PROPOSAL                                                    AMENDED PROPOSAL
                                                                        coordinate the main provisions applicable when a credit
                                                                       institution is wound up; whereas certain provisions should be
                                                                       made in such cases for coordinating the banking supervisory
                                                                        authorities' role in applying the winding-up measures;
Whereas the important role played by the competent                      11th to 17th recitals unchanged
authorities in implementing reorganization measures before
winding-up commences must continue after winding-up has
commenced so that the winding-up operations may be
properly carried out;
Whereas withdrawal of authorization to pursue the businesss
of banking must be one of the necessary effects of winding-up
credit institutions; whereas the competent authorities may,
however, maintain such authorization in certain exceptional
cases in order to facilitate the winding-up operations;
Whereas it is acknowledged that, while it is pursuing its
business, a credit institution and its branches form a single
entity whose liquidity position and solvency are subject to
supervision by the competent authorities of the home
country; whereas it would be inexpedient to abandon
this rule at a time when a credit institution is being
wound up;
Whereas equal treatment of creditors can be guaranteed only
in so far as the credit institution is wound up according to the
principles of unity and universality, which require that the
administraive authorities and courts of a single State have
jurisdiction, that the home country's law on winding-up be
applied and that that law effective outside the territory of the
State concerned;
Whereas, however, winding-up must be governed by
particular rules when an institution is solvent; whereas
voluntary winding-up according to the statutory provisions
presupposes such solvency; whereas provision should be
made for the competent authorities to be empowered to
ensure that the institution is solvent throughout the
winding-up period;
Whereas it should be made possible, by means of certain
adjustments, for the competent authorities' role to be
coordinated also in respect of branches of credit institutions
whose head office is outside the Comunity;
Whereas depositors' interests in the event of an insolvent
credit institution being wound up must be safeguarded by the
guarantee schemes existing in the European Community,
without discrimination in a given territory between branches
of national or Community credit institutions and also
without discrimination in a given institution between
deposits made in the State where the head office is situated
and those made in branches set up in other States, where no
deposit-guarantee scheme exists in those States;
                                                                       Whereas introduction of a deposit-guarantee scheme should
                                                                       be coordinated at a later stage, by means of a Directive, in the
                                                                       light of the experience gained during implementation of the
                                                                       provisions contained in the Commission's recommendation
 ---pagebreak--- No C 36/4                                 Official Journal of the European Communities                                     8. 2. 88
                       ORIGINAL PROPOSAL                                                   AMENDED PROPOSAL
                                                                     of 22 December 1986 concerning the introduction of
                                                                     deposit-guarantee schemes in the Community (87/63/EEC)
                                                                     published in OJ No L 33, 4. 2. 1987,
HAS ADOPTED THIS DIRECTIVE:
                             TITLE I                                                             TITLE I
                      Scope and definitions                                               Scope and definitions
                            Article 1                                                           Article 1
1.     This Directive shall apply to credit institutions and         1.     This Directive shall apply to credit institutions and
their branches as defined in the first and third indents of          their branches set up in a Member State other than that in
Article 1 of Directive 77/780/EEC, due regard being had to           which they have their head office, as defined in the first and
the conditions and exemptions laid down in Article 2 of that         third indents of Article 1 of Directive 77/780/EEC, due
Directive.                                                           regard being had to the conditions and exemptions laid down
                                                                     in Article 2 of that Directive.
2.     The provisions of this Directive concerning the               Unchanged
branches of a credit institution whose head office is outside
the Community shall apply only where that institution has
branches in at least two Member States of the
Community.
                            Article 2                                                           Article 2
1.     For the purposes of this Directive, 'reorganization           1.    For the purposes of this Directive, 'reorganization
measures' means measures which are intended to safeguard             measures' means the measures included in the list set out in
or restore the financial situation of a credit institution and       Annex I in so far as they are intended to safeguard or restore
which satisfy the following conditions:                              the financial situation of a credit institution.
(a) they are included in the list set out in the Annex to this
    Directive;
(b) they are designed to avoid the opening of a winding-up
    procedure;
(c) they were decided on before any declaration that the
    credit institution was insolvent.
2.     The following shall not be considered to be                   Unchanged
reorganization measures, even if they are included in the list
set out in the Annex.
(a) measures taken as part of the normal supervision of credit
    institutions as defined in Article 7 of Directive
    77/780/EEC, and measures intended to deal with
    infringements of laws or regulations;
(b) measures taken in connection with bankruptcy
    proceedings, an arrangement or any other winding-up
    procedure already initiated.
3.     The measures referred to in paragraph 1 and the               3.    For the purposes of this Directive, 'winding-up
authorities responsible for implementing them shall be               procedures' means the procedures listed in Annex II.
determined by the laws and regulations set out in the
Annex.
 ---pagebreak---  8. 2. 88                                    Official Journal of the European Communities                                   No C 36/5
                        ORIGINAL PROPOSAL                                                     AMENDED PROPOSAL
                                                                        4.    For the purposes of this Directive, 'deposit-guarantee
                                                                        schemes' means all provisions designed to guarantee
                                                                        appropriate compensation for depositors or to protect them
                                                                        against any loss.
                                                                        5.    The measures referred to in paragraph 1 and the
                                                                        winding-up procedures referred to in paragraph 3 as well as
                                                                        the authorities responsible for implementing them shall be
                                                                        determined by laws and regulations set out in Annexes I
                                                                        and II.
                              Article 3                                                             Article 3
 For the purposes of this Directive:                                    For the purposes of this Directive:
 — 'home country' means the Member State in which a credit              — Unchanged
     institution has its head office,
 — 'host country' means any Member State — other than that             — Unchanged
     defined as being the home country — in which a credit
     institution has set up a branch within the meaning of the
     third indent of Article 1 of Directive 77/780/EEC,
— 'competent authorities' means the authorities empowered              — 'competent authorities' means the authorities empowered
     to grant and withdraw authorization and/or supervise                  to grant and withdraw authorization and/or supervise
     the activities of credit institutions pursuant to Articles 3,         the activities of credit institutions pursuant to Articles 3,
     4, 6, 7 and 8 of Directive 77/780/EEC and any other                   4, 6, 7 and 8 of Directive 77/780/EEC and any other
     authority listed in the Annex to this Directive as being              authority listed in the Annex to this Directive as being
     responsible for implementing the reorganization                       responsible for implementing the reorganization
     measures.                                                             measures or winding-up procedures.
                              TITLE II                                                              TITLE II
                     Reorganization measures                                               Reorganization measures
A. Credit institutions having their head office within the             A. Credit institutions having their head office within the
                            Community                                                             Community
                              Article 4                                                             Article 4
1.      The authorities or courts of the home country shall be         Unchanged
empowered to decide, in accordance with the rules,
procedures and practices in force in their territory, on the
implementation of one or more reorganization measures in a
credit institution and its branches.
2.     The reorganization measures decided on by the                   Unchanged
competent authorities or court in the home country shall be
fully effective as against the governing bodies and creditors of
branches situated in the other Member States, even where the
rules of the host country applicable to them do not make
provision for such measures or make their implementation
subject to conditions which are not fulfilled.
 ---pagebreak---  No C 36/6                                  Official Journal of the European Communities                                     8. 2. 88
                       ORIGINAL PROPOSAL                                                     AMENDED PROPOSAL
 3.    Decisions taken by the competent authorities or court            Unchanged
in the home country to apply one or more reorganization
 measures shall preclude the application or maintenance by
 the competent authorities or court in the host country of any
 reorganization measure within the meaning of Article 2,
 unless a decision to the contrary is taken by the competent
 authorities of the home country.
                             Article 5                                                            Article 5
The competent authorities of the home country shall, before             Unchanged
adopting any reorganization measure, inform, by any
available means, the competent authorities of the host
country, of their intention and consult them on the effects of
such a measure in the host country, unless the measure
concerned is clearly not likely to have any significant effect on
a branch situated in another Member State.
                            Article 6                                                            Article 6
Where the competent authorities of the host country deem it            Unchanged
necessary to implement in their territory one or more
reorganization measures within the meaning of Article 2,
they shall inform the competent authorities of the home
country accordingly.
Where, upon receipt of such information, the competent                 Unchanged
authorities of the home country consider that the difficulties
encountered by the branch are not such as to justify the
application of Article 4(1) and (2), they shall so inform the
authorities of the host country, which may decide to apply
one or more reorganization measures in their territory.
                            Article 7                                                            Article 7
1.     Where implementation of the reorganization measures             1.    Where implementation of the reorganization measures
decided on pursuant to Article 4(1) and (2) directly affects           decided on pursuant to Article 4(1) and (2) is likely directly
the rights of creditors established in a host country and where        to affect the rights of any creditors including shareholders
an appeal is possible in the home country against the decision         established in a host country and where an appeal is possible
ordering the measure, the competent authorities of the home            in the home country against the decision ordering the
country may, should they deem it necessary, publish at the             measure, the competent authorities of the home country
expense of the credit institution an extract from their decision       may, should they deem it necessary, publish at the expense of
in the Offical Journal of the European Communities and in              the credit institution an extract from their decision in the
two nationally distributed newspapers in each host                     Official Journal of the European Communities and in two
country.                                                               nationally distributed newspapers in each host country.
2.     The competent authorities of the home country may,              Unchanged
should they deem it expedient, notify the measure directly
and individually to creditors resident in the Community
whose rights are affected.
3.     The extract from the decision to be published or the
notification shall specify, in the national language or
languages of the States concerned, the purpose and legal basis
 ---pagebreak--- 8. 2. 88                                  Official Journal of the European Communities                               No C 36/7
                      ORIGINAL PROPOSAL                                                   AMENDED PROPOSAL
of the decision taken, the time limits for lodging an appeal         Unchanged
and the full address of the authorities or court competent to
examine an appeal.
4.     The reorganization measures shall apply irrespective of       Unchanged
the publicity measures prescribed in paragraphs 1 to 3 and
shall be fully effective as against creditors, unless the
competent authorities of the home country or the law of that
country governing the measures provide otherwise.
5.     Except in the case of individual notification, the time       Unchanged
for lodging an appeal shall run from publication in the
Official journal of the European Communities.
B. Credit institutions having their head office outside the          B. Credit institutions having their head office outside the
                          Community                                                          Community
                            Article 8                                                         Article 8
1.     Pending subsequent coordination of laws, regulations          Unchanged
and administrative provisions applying to the branches of
credit institutions having their head office outside the
Community, the authorities and courts of the host country
shall retain the right to implement reorganization measures
in accordance with the rules, procedures and practices in
force in their territory, unless provision is made to the
contrary in agreements concluded with the home country, in
accordance with the Treaty, on the basis of the principle of
reciprocity.
2.     However, the competent authority of the host country          Unchanged
of a branch of a credit institution having its head office
outside the Community which deems it necessary to
implement one or more reorganization measures within the
meaning of Article 2 shall, before adopting such measures, so
inform, by all available means, the competent authorities of
the other host countries in which the institution has set up
branches included in the list mentioned in Article 3 (7) of
Directive 77/780/EEC and published each year in the
Official Journal of the European Communities.
3.     In cases of extreme urgency, the information referred         Unchanged
to in paragraph 2 may be replaced by notification of the
measure, which must be made without delay to the
competent authorities of the host country.
4.     The competent authorities of another host country             Unchanged
may decide, save where the agreements referred to in
paragraph 1 are applicable, that the reorganization measures
of which they are informed, through the procedure referred
to in paragraph 2 or the notification referred to in
paragraph 3, shall take effect as against the governing bodies
and creditors of branches situated in that host country, even
if the rules applicable to them, by virtue of paragraph 1, do
not provide for such measures or make their implementation
subject to conditions which are not fulfilled.
 ---pagebreak--- No C 36/8                                 Official Journal of the European Communities                                     8. 2. 88
                       ORIGINAL PROPOSAL                                                   AMENDED PROPOSAL
 5.    The publicity measures entrusted under Article 7 (1)          Unchanged
 and (2) to the competent authorities of the home country
 shall, in the event of application of the provisions of
paragraph 4 of this Article, be entrusted to the competent
 authority of the host country referred to in paragraph 2.
C. Adjustment       of the Directive to changes in national          C. Adjustment       of this Title to changes in       national
                           legislation                                                         legislation
                            Article 9                                                           Article 9
 1.    The list of reorganization measures given in the Annex        1.     The list of reorganization measures given in Annex I
shall be amended or supplemented in accordance with the              shall be amended or supplemented in accordance with the
procedure laid down in this Article.                                 procedure laid down in this Article.
2.     If a Member State wishes to make amendments or                2.     If a Member State wishes to make amendments or
additions to the annexed list, it shall notify the proposed          additions in Annex I, in accordance with its own legislation,
measure to the Commission, stating whether or not it                 it shall notify the draft of the proposed measure to the
involves provisions that may affect the rights of creditors.         Commission.
3.     A Commission representative shall ask the Chairman            3.    The Commission shall be assisted by a committee
of the Banking Advisory Committee set up by Directive                composed of the representatives of the Member States and
77/780/EEC, hereinafter referred to as 'the. Committee', to          chaired by the representatives of the Commission. The
refer the proposed measure to the Committee, asking the              representative of the Commission shall submit to the
Committee to hold an emergency meeting if he considers that          committee a draft of the measures to be taken. The
the situation so requires.                                           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.
4.     The Committee shall deliver its opinion on the measure        4.    The opinion shall be delivered by the majority laid
by a qualified majority of two-thirds of the votes; if,             down in Article 148 (2) of the Treaty in the case of decisions
however, the proposed amendment concerns a measure that             which the Council is required to adopt on a proposal from the
may affect the rights of creditors, the Committee shall deliver      Commission. The votes of the representatives of the Member
its opinion unanimously.                                             States within the committee shall be weighted in the manner
                                                                     set out in that Article. The chairman shall not vote.
5.     Where the Committee delivers a favourable opinion on          5.    The Commission shall adopt the measures envisaged if
the amendment to the list, the Commission shall adopt the           they are in accordance with the opinion of the committee.
measure proposed.
6.     Where the Committee does not deliver such an                 6.     If the measures envisaged are not in accordance with
opinion, the Commission shall without delay present to the          the opinion of the committee, or if no opinion is delivered,
Council, which shall act by a qualified majority, a proposal        the Commission shall, without delay, submit to the Council a
on the measure to be adopted.                                       proposal relating to the measures to be taken. The Council
                                                                     shall act by a qualified majority.
If the Council has not acted within six months of such              If, on the expiry of a period to be laid down in each act to be
referral, the proposed measure shall be adopted by the              adopted by the Council under this paragraph but which in no
Commission.                                                         case may exceed three months from the date of referral to the
                                                                     Council, the Council has not acted, the proposed measures
                                                                    shall be adopted by the Commission.
This provision shall not apply where the measure may affect
the rights of creditors, in that case, the Commission shall
present to the Council a proposal for a Directive in the
manner prescribed in Article 149 of the Treaty.
 ---pagebreak--- 8. 2. 88                                      Official Journal of the European Communities                                    No C 36/9
                       ORIGINAL PROPOSAL                                                      AMENDED PROPOSAL
7.     The Member States may adopt the proposed measures                 Unchanged
without awaiting the decisions of the Committee and of the
Council; however, decisions taken pursuant to the measure
shall not be covered by the provisions of this Directive, and in
particular Article 4 (2) and (3).
                            Article 10                                                              Article 10
Each Member State shall ensure that there are no legal                   Unchanged
impediments preventing any reorganization measures that
may be decided on, in accordance with Article 4, by the
competent authorities or court of the home country from
being rendered applicable to branches which credit
institutions, having their head office in another Member
State, have set up in its territory; it shall consequently adopt,
with due regard to the general principles of its own system,
the laws, regulations and administrative provisions necessary
to this effect.
                             TITLE III                                                              TITLE III
                           Winding-up                                                             Winding-up
A. Credit institutions having their head office within the               A. Credit institutions having their head office within the
                           Community                                                              Community
                            Article 11                                                              Article 11
1.     The competent authorities of the home country shall be            Unchanged
consulted on any application from creditors, the debtor or
the representative of the State for a compulsory winding-up
procedure to be opened.
2.     The business of the credit institution shall be wound             2.     The business of the credit institution shall be wound up
up in accordance with the law of the home country in so far              in accordance with the law of the home country in so far as
as this Directive and the Convention on bankruptcy,                      this Directive does not provide otherwise.
winding-up, arrangements, compositions and similar
proceeding do not provide otherwise.
3.     Decisions on the winding-up of a credit institution               3.     Decisions on the winding-up of a credit institution
taken by the administrative authorities or courts, or                    taken by the administrative authorities or courts, or
winding-up agencies, shall also be fully effective against the           winding-up agencies of the home country shall also be fully
credit institutions' branches situated in other Member States            effective against the credit institution's branches situated in
and shall preclude the opening of any other winding-up                   other Member States and shall preclude the opening of any
procedure in respect of them, subject to the provisions of               other winding-up procedure in respect of them, subject to the
Article 12 (2).                                                          provisions of Article 12 (2).
                            Article 12                                                              Article 12
1.     The competent authorities of the home country shall be            Unchanged
consulted prior to any voluntary winding-up decision taken
by the governing bodies of a credit institution.
 ---pagebreak--- No C 36/10                                  Official Journal of the European Communities                8. 2. 88
                       ORIGINAL PROPOSAL                                               AMENDED PROPOSAL
2.     The voluntary winding-up of a credit institution shall
not preclude the opening, at the request of the competent
authorities of the home country, of a procedure for
administrative or compulsory winding-up, if the governing
bodies do not carry out such winding-up in a satisfactory
manner, or there is good reason to believe that the institution
is not in a position to fulfil its obligations to its creditors.
                            Article 13                                                    Article 13
1.     Where a winding-up procedure is opened in respect of a          Unchanged
credit institution in the absence or following the failure of
reorganization measures, the competent authorities of the
home country shall withdraw the authorization of the
institution in accordance with the procedure provided for in
Article 8 of Directive 77/780/EEC.
2.     However,       exceptionally,     the withdrawal        of
authorization shall not prevent the person or persons
entrusted with the winding-up from carrying on some of the
activities of the credit institution with the consent and under
the supervision of* the competent authorities of the home
country, in so far as this is necessary for the purposes of the
winding-up. This provision shall be applicable in the host
country only if the law on the withdrawal of banking
authorization does not provide otherwise.
3.     In the event of voluntary winding-up, the
authorization provided for in Article 3 of Directive
77/780/EEC may be maintained until completion of the
winding-up operations provided the institution continues to
satisfy the conditions of the authorization.
                            Article 14                                                    Article 14
1.     Winding-up shall be carried out under the supervision           Unchanged
of the competent authorities of the home country in
collaboration with the competent authorities of the host
country.
2.     Liquidators shall be entitled to exercise in the territory      Unchanged
of all the Member States all the powers which they are
entitled to exercise in the territory of the Member State in
which the winding-up procedure is opened. However, even if
the law of the Member State in which the winding-up
procedure is opened does not provide for the possibility of
more than one liquidator being appointed, the competent
authorities of a host country may, if they deem it necessary,
request the appointment of a liquidator from among the
persons exercising the functions of liquidator in their
territory; similarly, where the law of the Member State in
which the winding-up procedure is opened permits the
delegation of certain powers to other persons, such persons
shall, at the request of the competent authorities of the host
country be chosen from among the persons able to exercise
the functions of liquidator in that country.
 ---pagebreak---  8. 2. 88                                  Official Journal of the European Communities                               No C 36/11
                     ORIGINAL PROPOSAL                                                     AMENDED PROPOSAL
                                                                      3.     The winding-up procedure shall be announced at the
                                                                      request of the liquidator or liquidators, through publication
                                                                      of an extract from the winding-up decision in the Official
                                                                      Journal of the European Communities and two national
                                                                      newspapers in each of the host countries.
B. Credit institutions having their head office outside the           B. Credit institutions having their head office outside the
                          Community                                                            Community
                           Article 15                                                           Article 15
1.     Where the law of the host country provides for the             Unchanged
possibility of winding-up a branch of a credit institution
having its head office outside the Community, such
winding-up shall be decided on by the competent authorities
of the host country.
2.     The competent authorities of the host country referred
to in paragraph 1 shall withdraw the authorization of the
branch if the branch was granted a separate authorization in
accordance with Article 4 (4) of Directive 77/780/EEC.
3.     The competent authorities referred to in paragraphs 1
and 2 shall inform the competent authorities of the other host
countries that authorization has been withdrawn and a
winding-up procedure opened.
4.     The competent authorities of the host countries other
than the host country referred to paragraphs 1 and 2 may
decide to withdraw any separate authorization granted to the
branch set up in their territory.
5.     Exceptionally, the withdrawal of authorization shall
not prevent the person or persons entrusted with the
winding-up from carrying on certain of the activities of the
branch with the consent of the competent authorities and/or
under the supervision of the competent courts, in so far as the
law of the host country so permits.
6.     Withdrawal of authorization shall not bring to an end
the supervision of the activities of a branch by the competent
authorities of the host country.
                                                                      C. Adjustment     of this    Title to changes    in  national
                                                                                                legislation
                                                                                                Article 16
                                                                      Any amendments to the list of national procedures contained
                                                                      in Annex II shall be notified to the Commission. The
                                                                      latter will ensure that Annex II is updated and published
                                                                      without delay in the Official Journal of the European
                                                                      Communities.
 ---pagebreak---  No C 36/12                                Official Journal of the European Communities                     8. 2. 88
                       ORIGINAL PROPOSAL                                              AMENDED PROPOSAL
                             TITLE IV                                                       TITLE IV
                   Deposit-guarantee schemes                                      Deposit-guarantee schemes
                            Article 16                                                     Article 17
 1.     Member States shall ensure that the deposit-guarantee         Unchanged
 schemes that exist in their territory cover the deposits of
 branches of institutions having their head office in another
 Member State.
 2.     As a transitional measure, pending entry into force of a
 deposit-guarantee scheme in all Member States, the latter
 shall ensure that the deposit-guarantee schemes, in which the
 institutions that have their head office in their territory take
part, extend cover to deposits received by branches set up in
 host countries within the Community which have no
deposit-guarantee scheme, under the same conditions as
those laid down to guarantee deposits received in the home
country.
                             TITLE V                                                        TITLE V
                         Final provisions                                               Final provisions
                            Article 17                                                     Article 18
1.      Member States shall adopt the laws, regulations and          Unchanged
administrative provisions necessary to comply with this
Directive not later than 1 January 1990. They shall forthwith
inform the Commission thereof.
Member States may stipulate that such provisions shall not
apply until two years after that date.
2.      Member States shall communicate to the Commission
the texts of the main provisions of national law which they
adopt in the field governed by this Directive.
                            Article 18                                                     Article 19
This Directive is addressed to the Member States.                    Unchanged
 ---pagebreak---  8. 2. 88                                        Official Journal of the European Communities                         No C 36/13
                         ORIGINAL PROPOSAL                                                       AMENDED PROPOSAL
                               ANNEX                                                                 ANNEXI
 LIST OF THE REORGANIZATION MEASURES PROVIDED                               LIST OF THE REORGANIZATION MEASURES PROVIDED
 IN ARTICLE 2 (1) OF THE DRAFT DIRECTIVE ON THE                             IN ARTICLE 2 (1) IN THE DRAFT DIRECTIVE ON THE
 COORDINATION             OF    LAWS,         REGULATIONS        AND        COORDINATION         OF   LAWS,   REGULATIONS   AND
 ADMINISTRATIVE PROVISIONS RELATING TO THE                                  ADMINISTRATIVE PROVISIONS RELATING TO THE
 REORGANIZATION AND THE WINDING-UP OF CREDIT                                REORGANIZATION AND THE WINDING-UP OF CREDIT
                           INSTITUTIONS                                       INSTITUTIONS AND DEPOSIT-GUARANTEE       SCHEMES
                              BELGIUM                                                               BELGIUM
Banks                                                                       Banks
— On-the-spot investigations and expert appraisals:                         Unchanged
    — Article 19, paragraph 3, 2 ° , and paragraph 4, of Royal
         Decree No 185 of 9 July 1935 on the supervision of banks
         and the rules on issues of stocks and securities (penal
         sanction: Article 42, 9 ° , of the Decree).
    — Competent authority responsible for deciding on the
         investigation    or   appraisal:       Banking    Commission
         ('Commission Bancaire').
    — Competent authorities responsible for conducting the
         investigation or appraisal: Banking Commission and the
         Banque Nationale de Belgique, at the request of the Banking
         Commission.
— Appointment of a special auditor:
    — Article 25, § 1, paragraphs 1 and 2, 1°, and § 2, of Royal
         Decree No 185 of 9 July 1935 (penal sanction for persons
         carrying out acts without the authorization of the special
         auditor: Article 42, 2° bis, of the Royal Decree).
    — Competent authority responsible for appointing the special
         auditor: Banking Commission.
— Suspension of all or part of a credit institution's activities:
    — Article 25, § 1, paragraphs 1 and 2, 2 ° , and § 3, of Royal
        Decree No 185 of 9 July 1935 (penal sanction for persons
        carrying out acts in contravention of suspension decision:
        Article 42, 2° bis, of the Royal Decree).
    — Competent authority responsible for suspending activities:
        Banking Commission; an appeal may be made to the
        Ministry of Finance, which confirms or reverses the
        decision.
Private savings banks                                                      Private savings banks
— On-the-spot investigations and expert appraisals:                        Unchanged
    — Article 16, paragraph 4,         2 ° , and paragraph 5, of the
        provisions concerning the      supervision of private savings
        banks, coordinated by the      Royal Decree of 23 June 1967
        (penal sanction: Article 35   of the coordinated provisions).
    — Competent authority responsible for deciding on the
        investigation or expert appraisal: Banking Commission.
    — Competent authorities responsible for carrying out the
        investigation or expert appraisal: the Banking Commission
        and the Banque Nationale de Belgique, at the request of the
        Banking Commission.
 ---pagebreak--- No C 36/14                                      Official Journal of the European Communities                                             8. 2. 88
                        ORIGINAL PROPOSAL                                                           AMENDED PROPOSAL
— Appointment of a special auditor:
   — Article 17 bis, § 1, paragraphs 1 and 2, 1°, and § 2, of the
        coordinated provisions (penal sanction: Article 3 2 , 4 ° , of the
        coordinated provisions).
   — Competent authority: Banking Commission.
— Suspension of all or part of a credit institution's activities:
   — Article 17 bis, § 1, paragraphs 1 and 2, 2 ° , and § 3, of the
        coordinated provisions (penal sanction: Article 3 2 , 4 ° , of the
        coordinated provisions).
   — Competent authority and appeal: Banking Commission; an
        appeal may be made to the Ministry of Finance, which
        confirms or reverses the decision.
— The King has the power, in the Decree revoking a private savings
   bank's authorization to operate, to take appropriate measures to
   safeguard the rights of depositors (especially the transfer of
   privileged savings funds and encumbered assets): Article 23 of
   the coordinated provisions.
Undertakings governed by Chapter 1 of the Law of 10 June 1964              Undertakings governed by Chapter 1 of the Law of 10 June 1964
— On-the-spot investigations and expert appraisals:                        Unchanged
   — Article 6, § 1, paragraph 3 , 2 ° , and paragraph 4, of the Law
       of 10 Jurte 1964 on the raising of funds from the public (penal
        sanction: Article 13, 4 ° , of the Law).
   — Competent authority responsible for deciding on the
        investigation or expert appraisal: Banking Commission.
   — Competent authorities responsible for carrying out the
        investigation or expert appraisal: Banking Commission and
        the Banque Nationale de Belgique at the request of the
       Banking Commission.
— Appointment of a special auditor:
   — Article 9 bis, § 1, paragraphs 1 and 2 , 2 ° , and § 2, of the Law
       (penal sanction: Article 13, 5 ° , of the Law).
   — Competent authority: Banking Commission.
— Suspension of all or part of a credit institution's activities:
   — Article 9 bis, § 1, paragraphs 1 and 2 , 2 ° and § 3, of the Law
        (penal sanction: Article 13, 4 ° , of the Law).
   — Competent authority and appeal: Banking Commission; an
        appeal may be made to the Ministry of Finance, which
       confirms or reverses the decision.
Public credit institutions /Savings Bank of the General Savings and        Public credit institutions/Savings Bank of the General Savings and
Pension Fund ('Caisse d'Epargne de la Caisse Generale d'Epargne et         Pension Fund ('Caisse d'Epargne de la Caisse Generale d'Epargne et
de Retraite')                                                              de Retraite')
— On-the-spot investigations and expert appraisal:                         — On-the-spot investigations and expert appraisal:
   — Article 1, paragraph 2, of Royal Decree No 2 on the                      — Article 1, paragraph 2, of Royal Decree No 2 of
        supervision of the Savings Banks of the General Savings and                24 December 1980 on the supervision of the Savings Bank of
        Pensions Fund.                                                             the General Savings and Pensions Fund, which made
                                                                                   applicable to it Article 19, paragraphs 2 to 5, of Royal Decree
                                                                                   No 185 of 9 July 1935.
   — Competent authority responsible for deciding on the                      Unchanged
        investigation or expert appraisal: Banking Commission.
 ---pagebreak--- 8. 2. 88                                            Official Journal of the European Communities                                  No C 36/15
                        ORIGINAL PROPOSAL                                                             AMENDED PROPOSAL
         Competent authorities responsible for carrying out the                     Unchanged
        investigation or expert appraisal: the Banking Commission
         and the Banque Nationale de Belgique, at the request of the
         Banking Commission.
— Other measures:
        No special measures; responsibility of Parliament and the               — Advice to managers of the Savings Bank of the General Savings
        government.                                                                and Pensions Fund:
                                                                                   — Article 3 of Royal Decree No 2 of 24 December 1980.
                                                                                   — Competent authority: Banking Commission.
                               DENMARK                                                                    DENMARK
Article 46 of Law No 35 of 30 January 1981.                                     Unchanged
The supervisory authorities for banks and savings banks can declare
cessation of payments for banks or savings banks, when it is
necessary in the interests of the depositors. The declaration cannot
be revoked by the bank or savings bank without the agreement of the
supervisory authorities.
The declaration should be sent to the Court 'skifteretten' which is a
part of the Court system.
                               GERMANY                                                                    GERMANY
Measures taken pursuant to Section 46 of the Banking Act:                       Unchanged
— instructions issued to directors,
— prohibition or limitation of the right to make payments,
— prohibition or limitation of the right to act as director or
    proprietor,
— appointment       of persons responsible for supervising the
    institution.
Measures taken pursuant to Section 46a of the Banking Act ( J ):
— ban on making payments or disposing of property,
— closure of a credit institution's counters for business with
    customers,
— ban on acceptance of payments not intended for the discharge of
    debts to a credit institution.
Competent authority: Federal Banking                   Supervisory      Office
(Bundesaufsichtsamt fur das Kreditwesen).
                                                                                                            SPAIN
                                                                                — Temporary suspension of directors:
                                                                                — Royal Decree 5/1978 of 6 March 1978.
                                                                                — Royal Decree 18/1982 of 24 September 1982.
                                                                                Extension to savings and Cooperative Banks of this disposition:
                                                                                — Royal Decrees 2575 and 2576/1982 of 1 October 1982.
                                                                                Competent authority: Bank of Spain.
0) These measures are also listed in Article 1 (b) of the Protocol to the draft
    Convention on bankruptcy, winding-up, arrangements, compositions and
   similar proceedings.
 ---pagebreak---  No C 36/16                                       Official Journal of the European Communities                 8. 2; 88
                         ORIGINAL PROPOSAL                                                    AMENDED PROPOSAL
                                FRANCE                                                            FRANCE
Measures provided for by Law No 84/46 of 24 January 1984                     Unchanged
 concerning the activity and supervision of credit institutions.
 Measures to be taken by the Banking Commission ('Commission
Bancaire'):
— injunctions (Article 43),
 — appointment of a temporary administrator (Article 44),
— prohibition of certain operations and other limitations on
     activity (Article 45, § 3),
— temporary suspension or compulsory resignation of one or more
     of the persons responsible for actually determining the general
     patterns of the activity of credit institutions (Article 45, § 4 and
     5).
Measures to be taken by the Governor of the Banque de France:
— organization of the assistance of all credit institutions with a view
     to taking the measures necessary for protecting the interests of
     depositors and third parties, for the functioning of the banking
     system and for preserving the reputation of local banking (Article
     52).
                                GREECE                                                            GREECE
Measures provided for by:                                                    Unchanged
(a)   Law 1665/1951 organizing the Banking Prudential Control,
      the administrative winding-up of banks, the appointment of a
      Commissioner, liquidation and revocation of licence;
(b) Law 236/75 organizing the appointment of a temporary
      Commissioner in cases of special urgency and importance;
(c)   Law 431/76 providing for compulsory doubling of share
      capital of banks under certain conditions considered as
      constituting a state of insolvency;
(d) Law 2292/1953 (especially Articles 10 to 12) dealing with
      compulsory mergers of banking corporations.
A. Measures to be taken by the Bank of Greece under General Law
                               1266/1982
  (i) Compulsory increase of capital (Law 1665/1951, Article 6).
 (ii) Appointment of a Commissioner (Law 1665/1951, Article
      8).
(hi) Appointment of a temporary Commissioner in cases of special
      importance and urgency (Law 236/75).
(iv) Obligatory increase (doubling) of share capital by banks who
      have been placed repeatedly under a Commissioner or
      temporary Commissioner and whose share capital and surplus
      is less than 1/70 of the total of their deposits (Law
      431/76).
B. Measures to be taken by the Government (Council of Ministers
                      and Minister of Commerce)
Compulsory merger of banks and compulsory increase of initial
share capital by one-third at least (Law 2292/1953, Articles 10 to
12).
 ---pagebreak--- 8. 2. 88                                       Official Journal of the European Communities                 No C 36/17
                         ORIGINAL PROPOSAL                                                 AMENDED PROPOSAL
                              IRELAND                                                          IRELAND
Measures relating to licensed banks where the legislative references      Unchanged
are to the Central Bank Act, 1971, and where the competent
authority is the Central Bank of Ireland:
— suspension of the right to receive deposits and make payments
    (Section 21),
— restriction of the scope of authorization (Section 10),
— prohibition or restriction of advertising concerning deposits
    (Section 22).
Measures relating to building societies where the legislative
references are to the Building Societies Act, 1976 and where the
competent authority is the Registrar of Friendly Societies:
— restriction on authorization (Section 11),
— loans from one society to another (Section 24),
— union of societies (Section 25),
— transfer of and undertaking to fulfil engagements (Section
    26),
— confirmation and registration of union under Section 25 or
    transfer of undertaking under Section 26 (Section 27),
— power of registrar to appoint an inspector or call a special
    meeting (Section 29),
— power of registrar to suspend the raising of funds and making of
    payments (Section 31),
— power of registrar to suspend and control advertising (Section
    32).
                                ITALY                                                            ITALY
(a)   Request for information of the economic situation of the credit     Unchanged
      institution or its branches (Section 31 of the Banking Act).
      Competent authority: Banca d'ltalia.
(b) Investigations at the credit institution and its branches (Section
      31 of the Banking Act).
      Competent authority: Banca d'ltalia.
(c)   Convening of shareholders' meetings and governing bodies of
      the credit institutions with a view to taking special measures
      (Section 35 of the Banking Act).
      Competent authority: Banca d'ltalia.
(d) Withdrawal of internal administrative and supervisory bodies
      and appointment in their place of special bodies for the
      reorganization of the credit institution (Section 57 of the
      Banking Act).
      Competent authority: Ministry of the Treasury on a proposal
      from the Banca d'ltalia (for appointment of the special bodies,
      only the Banca d'ltalia).
(e)   Temporary suspension of payments and of any executive
      procedure in respect of the credit institution during the special
      administration referred to at (d) (Section 63 of the Banking
      Act).
      Competent authority: Banca d'ltalia.
 ---pagebreak--- No C 36/18                                     Official Journal of the European Communities                                            8. 2. 88
                        ORIGINAL PROPOSAL                                                        AMENDED PROPOSAL
(f)   Temporary suspension of the functions of the credit
      institution's administrative and supervisory bodies and
      appointment of an official of the Banking Supervisory
      Authority to perform tasks in their place (Section 66 of the
      Banking Act).
      Competent authority: Banca d'ltalia.
(g) Withdrawal of the authorization to operate in respect of the
      credit institution's individual branches on account of
      administrative shortcomings (Section 34 of the Banking
      Act).
      Competent authority: Interministerial Committee for Credit
      and Savings (Comitato interministeriale per il credito ed il
      risparmio).
                          LUXEMBOURG                                                               LUXEMBOURG
Measures provided       for   by the Law of        10 August    1982      Unchanged
organizing:
1. the right of the Luxembourg Monetary Institute ('Institut
    Monetaire Luxembourgeois') to suspend credit institutions;
2. suspension of payments; supervised administration and the
    winding-up of credit institutions.
Measures to be taken by the Luxembourg Monetary Institute:
— injunctions (in the event of a crisis) (Article 2),
— suspension of directors (Article 3) (not applicable to institutions
    governed by Luxembourg public law),
— total or partial suspension of activities (Article 3).
Measures to be taken by the district court (Tribunal
d'Arrondissement') sitting as a commercial court (where
appropriate, at the request of the Luxembourg Monetary
Institute):
— suspension of payments and supervised administration (Articles
    7 to 10) (not applicable to institutions governed by Luxembourg
    public Law).
                          NETHERLANDS                                                             NETHERLANDS
Measures provided by the law of 13 April 1978 concerning the              Unchanged
supervision of credit institutions:
— injunctions,
— secret trusteeship (Part III, Section 24),
— emergency regulations (Part V, Section 31).
Competent authority: Central Bank
(De Nederlandsche Bank).
                                                                                                     PORTUGAL
                                                                          Measures available to the Ministry of Finance after consultation
                                                                          with the Bank of Portugal:
                                                                          — temporary exemption from certain legal obligations and the
                                                                              granting of monetary assistance for institutions in crisis (Decree
                                                                              Law 51/84 of 11 February 1984, Article 34),
                                                                          — power to grant a special 90-day rehabilitation period for credit
                                                                              institutions which have suspended payments and to appoint a
                                                                              government trustee,
 ---pagebreak--- 8. 2. 88                                     Official Journal of the European Communities                                        No C 36/19
                       ORIGINAL PROPOSAL                                                         AMENDED PROPOSAL
                                                                              power to appoint an official responsible for the normal operation
                                                                              of a 'caixa economica' (Decree Law 136/79 of 18 May 1979,
                                                                              Article 23 relating to caixas economicas).
                                                                          Measures available to the Council of Ministers following proposals
                                                                          from the Ministry of Finance relating to measures under Article 34 of
                                                                          the Decree Law of 11 February 1984 (see above):
                                                                          — power to appoint delegates, administrators or an administrative
                                                                              Committee responsible for managing the institution,
                                                                          — power to suspend existing directors from their duties.
                      UNITED KINGDOM                                                             UNITED KINGDOM
Measures available to the Bank of England:                                Unchanged
— the power to appoint one or more competent persons to
   investigate and report on the state and conduct of the business of
   an authorized institution (Banking Act 1979, Section 17),
— the power to revoke outright an institution's authorization
   (Banking Act 1979, Section 7 (1) (a)),
— the power to revoke an institution's authorization and to grant in
   its place a conditional licence (Banking Act 1979, Section
   7(1) (a) and Section 10),
— the power, when revoking outright an institution's
   authorization, to give directions as to conduct of the business
   (Banking Act 1979, Sections 8 and 9).
                                                                ANNEX II {new)
               LIST OF THE WINDING-UP PROCEDURES PROVIDED FOR IN ARTICLE 2 (3) OF THE DRAFT
               DIRECTIVE ON THE COORDINATION OF LAWS, REGULATIONS AND ADMINISTRATIVE
               PROVISIONS RELATING T O THE REORGANIZATION AND THE WINDING-UP OF CREDIT
                                         INSTITUTIONS AND DEPOSIT-GUARANTEE SCHEMES
                                                                   BELGIUM
                  Faillite — faillissement:
                  Article 437 et seq. of Volume HI of the Commercial Code.
                  Competent authority: Commercial Court.
                                                                  DENMARK
                  Konkurs:
                  — Law No 444 of 28 August 1984.
                  — Law No 374 of 15 August 1985 which provides that the above Law is applicable to banks, savings banks
                      and cooperatives.
                  Competent authority: Skifteretten.
 ---pagebreak--- No C 36/20                              Official Journal of the European Communities                                      8. 2. 88
                                                            GERMANY
           — Konkurs:
              Section 46a of the Banking Act, as at 20 December 1984.
           — Competent authority: Federal Banking Supervisory Office (Bundesaufsichtsamt fur das Kreditwesen).
           — Freiwillige liquidation:
              — Section 38 (2) of the Banking Act.
              — Section 131 et seq. and Section 145 et seq., in the case of an offene Handelsgesellschaft.
              — Section 262 et seq., in the case of an Aktiengesellschaft.
              — Section 60 and Section 78 et seq., in the case of a Genossenschaft.
                                                              SPAIN
           1.  Quiebra
              Articles 870 to 941 of the Commercial Code
           2. Suspension di pagos
              — Law of 26 July 1922.
              — Competent authorities: judicial authorities.
           3. Liquidacidn administrativa (following withdrawal of authorization)
              — Section 57a of the Banking Act of 31 December 1946 (as supplemented by Article 4 (3) of Royal Decree
                  Law 1298/1986 of 28 June 1986).
              — Competent authorities: Directorate-General for the Treasury and Fiscal Policy of the Ministry of Economic
                  Affairs and Enterprises — Banco de Espafia.
           4.  Liquidacidn
              — Savings banks: Articles 140 to 146 of Royal Decree Law 2532/1929 of 21 November 1929.
              — Credit cooperatives: Articles 103 to 115 of Law 3/1987 of 2 April 1987.
              — Other credit institutions: Articles 150 to 171 of the Law governing public limited liability companies of
                  17 July 1981.
                                                             FRANCE
           — Redressement judiciaire and liquidation judiciaire:
              — Law No 85/98 of 25 January 1985 (Title III).
              — Articles 119 et seq. of Decree No 85/1388 of 27 December 1985.
           — Competent authorities: Commercial Court.
                                                             GREECE
           — AN 1665/1951 «7tepi XEiToupyvai; KCU eUyxou TpajteJ;cbv», dpGpo 9 (£KKa9dpicm).
           — Apu68ia apxf|: «n vouianaTucfi eniTpo7tf|».
           — Law 1665/1951 of 27 January 1951 'on the functioning and control of banks', Article 9 (liquidation).
           — Competent authority: the Monetary Commission.
                                                            IRELAND
           — Bankruptcy.
           — Compulsory winding-up.
           — Creditors' voluntary winding-up (Companies Act 1963, Section VI).
           — Liquidation of banks (Central Bank Act 1971, Sections 28 to 31).
 ---pagebreak--- 8. 2 . 88                              Official Journal of the E u r o p e a n Communities                                     No C 36/21
          For Building Societies
          — Compulsory winding-up.
          — Creditors' voluntary winding-up (Building Societies Act 1976, Section 95).
          — Housing (Miscellaneous Provisions) Act 1979, Section 20.
          — Land Act 1984 (Section 4 (2)).
          — Age of Majority Act 1985.
          Competent authority:
          — Competent authority responsible for granting or withdrawing authorization and supervising the activities of
             credit institutions.
          — The High Court, in cases of bankruptcy.
          For Building Societies: Registrar of Friendly Societies who is also the Registrar of Building Societies (Building
          Societies Act 1976, Section 85).
                                                               ITALY
          — Concordato preventivo:
             — Articles 160 to 186 of the Decree of 16 March 1942.
             — Subparagraph 2 (d) of Article 35 of the Decree Law of 12 March 1936, as amended.
             — Competent authority: judicial authority.
          — Liquidazione coatta amministrativa:
             — Articles 67 to 86 of the Decree-Law of 12 March 1936.
             — Articles 194 to 215 of the Decree of 16 March 1942, as amended.
          — Competent authorities: Banca d'ltalia, Ministry of the Treasury and the Interministerial Committee for Credit
             and Savings.
          — Liquidazione volontaria:
             — Article 86a of the Decree of 12 March 1936, as amended.
                                                          LUXEMBOURG
          — Dissolution and liquidation of credit institutions:
             — Article 2 of the Law of 10 August 1982.
             — Competent authorities: the district court sitting as a commercial court at the request of the Procureur d'Etat
                  or the Commissaire au controle des banques.
          — Voluntary winding-up:
             — Article 12 of the Law of 10 August 1982.
                                                         NETHERLANDS
          — Vrijwillige solvente liquidatie ingevolge statutaire ontbinding:
          en
          — Gedwongen solvente liquidatie na intrekking van de vergunning:
             — Articles 22 and 23 of Title 1 and Articles 166 to 173 of Title 3 of Volume II of the Civil Code, concerning the
                  winding-up of (solvent) persons.
             — Competent authority: the credit institution itself.
          — Solvente liquidatie tijdens de noodregeling:
             — Paragraphs 1 and 6 of Article 3 6 of the Law concerning the supervision of credit institutions which provides
                  that the abovementioned provisions of the Civil Code are applicable.
             — Competent authority: the trustees.
 ---pagebreak--- No C 36/22                                Official Journal of the European Communities                                           8. 2. 88
            — Insolvente liquidatie na faillietverklaring van de kredietinstelling:
                — Law on bankruptcy of 30 September 1893 and amendments S 140, Articles 1 to 212 of Title I.
               — Competent authority: the Court.
                                                             PORTUGAL
            — Rules governing the winding-up of banking institutions:
                — Article 11 et seq. of Decree Law No 30—689 of 27 August 1940.
                — Competent authority: Minister of Finance.
            — Liquidacao na sequencia de revojacao de autorizacao:
                — Competent authority: Minister of Finance.
            — Cooperative banks:
               — Articles 75 and 77 of Decree Law No 454 / 80 of 9 October 1980 which refer to the general rules governing
                   the bankruptcy procedure.
                — Article 1245 et seq. of Chapter XV of Decree Law No 44/129 of 28 December 1961.
               — Sale of property: Article 882 et seq.
                                                         UNITED KINGDOM
            — Compulsory winding-up (Insolvency Act 1986, Section 4).
            — Creditors' voluntary winding-up.
            — Corporate voluntary arrangements (Insolvency Act 1986, Section 1).
            — Corporate arrangements and reconstructions (Companies Act 1985, Section 13).
            For Building Societies (Building Societies Act 1986, Section 10):
            — Compulsory winding-up.
            — Creditors' voluntary winding-up.
            — Dissolution by consent of an appropriate majority of the society's members.
            Competent authority: judicial authority.
            Voluntary liquidation (Insolvency Act 1986, Section 4).
            Proposal for a Council Directive amending Directives 6 5 / 6 5 / E E C , 7 5 / 3 1 8 / E E C and 7 5 / 3 1 9 / E E C
            on the approximation of provisions laid down by law, regulation or administrative action relating to
                                                   proprietary medicinal products
                                                         COM(87) 697 final
                             (Submitted by the Commission to the Council on 12 January 1988)
                                                            (88/C 36/02)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,                                In cooperation with the European Parliament,
                                                                        Having regard to the opinion of the Economic and Social
Having regard to the Treaty establishing the European
                                                                        Committee,
Economic Community, and in particular Article 100A
thereof,
                                                                        Whereas the essential aim of any rules governing the
                                                                        production, distribution or use of medicinal products must
Having regard to the proposal from the Commission,                      be to ensure a high level of protection of public health;