CELEX: 51984PC0124
Language: en
Date: 1984-03-08
Title: MODIFIED PROPOSAL FOR A COUNCIL DIRECTIVE CONCERNING THE ANNUAL ACCOUNTS OF BANKS AND OTHER FINANCIAL INSTITUTIONS

N o C 83/6                          Official Journal of the European Communities                                   24. 3. 84
                                                                 II
                                                        (Preparatory Acts)
                                              COMMISSION
              Amendments to the proposal for a Council Directive concerning the annual accounts of
                                       banks and other financial institutions (')
                                                      COM(84) 124 final
              (Submitted by the Commission to the Council pursuant to Article 149(2) of the EEC Treaty
                                                       on 14 March 1984)
                                                           (84/C 83/06)
                    ORIGINAL PROPOSAL                                                    AMENDED PROPOSAL
                                            R e c i t a l s 1 t o 12 u n c h a n g e d
Whereas, taking account of the importance of                         Whereas, taking account of the importance of
banking networks which extend beyond national                        banking networks which extend beyond national
frontiers and their constant development, it is                      frontiers and their constant development, it is
important that the annual accounts of a credit                       important that the annual accounts of a credit
institution having its head office in one Member                     institution having its head office in one Member
State, should be published in all the Member States                  State, should be published in all the Member States
where it is established and that this publication should             where it is established;
be made in the official languages of the Member
States concerned;
                                                 Article 1 unchanged
                         Article 2                                                            Article 2
1.    The coordination measures prescribed by this                   Unchanged.
Directive shall apply to all credit institutions within
the meaning of Article 1 of Directive 77/780/EEC,
where such institutions are companies or firms within
the meaning of the second paragraph of Article 58 of
the Treaty.
2.    This Directive shall also apply to all other                   2.     This Directive shall also apply to all other
companies or firms whose principal activity is to                    companies or firms whose principle activity is to grant
receive deposits or other repayable funds, for their                 credit facilities (including guarantees), to acquire
own account or to grant credits (including                           participating interests or to make investments, \n so
guarantees), to acquire participating interests or make              far as such companies or fims have not been made
investments, in so far as such companies or firms have               subject to Directive 78/660/EEC.
not been made subject to Directive 78/660/EEC.
3.    This Directive shall not apply to:                             Unchanged.
(a) the credit institutions listed in Article 2 (2) of
     Directive 77/780/EEC;
O O J N o C 130, 1.6. 1981, p. 1.
 ---pagebreak--- 24. 3. 84                              Official Journal of the European Communities                             N o C 83/7
                      ORIGINAL PROPOSAL                                               AMENDED PROPOSAL
(b) the following credit institutions:
     — the Netherlands: credit institutions which by
         virtue of Article 8 of the W e t Toezicht
         Kredietwezen' (*) are not subject to Article 11
         of the aforesaid law,
     — in the United Kingdom: 'Friendly Societies'
         and 'Industrial and Provident Societies'.
 4.    Member States may defer application of this                4.     Member States may defer application of this
 Directive to:                                                    Directive to:
 (a) the credit institutions referred to in Article 2 (5)         (a) the credit institutions referred to in Article 2 (5)
     of Directive 77/780/EEC, and included in the                      of Directive 77/780/EEC, and included in the
     Commission communication of 14 October                            Commission communications of 14 October
     1978 ( 2 ), for so long as the application of them of             1978 O and of 6 October 1981 (2), for so long as
     Directive 77/780/EEC is deferred;                                 the application of them of Directive 77/780/EEC
                                                                       is deferred;
 (b) other specialized credit institutions, where,                (b) other specialized credit institutions, where,
     because of the nature of their business, immediate                because of the nature of their business, immediate
     application would create serious problems; in this                application would create serious problems; in this
     case, these institutions must be notified to the                  case these institutions must be notified to the
     Commission within six months of the notification                  Commission within six months of the notification
     of this Directive. Member States may decide to                    of this Directive. Member States may decide to
     defer application of this Directive to these                      defer application of this Directive to these
     institutions pending further coordination and                     institutions pending further coordination and
     until 1 January 1988 at the latest.                               until at the latest five years following the
                                                                       notification of this Directive.
                                                   Article 3 unchanged
                           Article 4                                                        Article 4
The Member States shall prescribe the following                   Unchanged.
layout for the balance sheet:
                            Assets                                                           Assets
                                                 Items 1 to 7 unchanged
  8. Shares and         other    variable-yield   securities,       8. Shares and other variable-yield securities.
     including:
                                                                    9. Participating interests.
     — participating interests,
     — shares in affiliated undertakings.                           9a. Shares in affiliated undertakings.
(») Adopted on 13 April 1978 — Staatsblad 1978, No 255.           (') OJ No C 244, 14. 10. 1978, p. 2.
(2) OJ No C 244, 14. 10. 1978, p. 2.                              (2) OJ No C 254, 6. 10. 1981, p. 1.
 ---pagebreak--- N o C 83/8                            Official Journal of the European Communities                                       24. 3. 84
                      ORIGINAL PROPOSAL                                                        AMENDED PROPOSAL
    Assets as listed in Article 9, Assets B, C I and                   10. Assets as listed in Article 9, Assets B, C I and
    C II (2), (3) and (4) of Directive 78/660/EEC,                          C II (2), (3) and (4) of Directive 78/660/EEC,
    including:                                                              including:
    — formation expenses,                                                   — formation expenses,
    — goodwill, to the extent that it was acquired                          — goodwill, to the extent that it was acquired
        for valuable consideration,         '                                   for valuable consideration,
    — assets listed in Article 9 C II (2), (3) and (4)                      — assets listed in Article 9, Assets C II (2), (3)
        of Directive 78/660/EEC.                                                and (4) of Directive 78/660/EEC.
10. Land and buildings.                                                11. Land and buildings.
11. Subscribed capital unpaid,                                         12. Subscribed capital unpaid,
    — called-up capital (unless national law provides                       — called-up capital (unless national law provides
         for called-up capital to be included under                             for called-up capital to be included under
         liabilities, in which case capital called but not                      liabilities, in which case capital called but not
         yet paid up must be included either in item 11                         yet paid up must be included either in item 11
         of the assets or in item 14 of the assets).                            of the assets or in item 14 of the assets).
12. Own shares                                                         13. Own shares
    — in addition: nominal/accounting per value.                            — in addition: nominal/accounting per value.
13. Other assets.                                                      14. Other assets.
14. Subscribed capital, called but not paid-up (unless                 15. Subscribed capital, called but not paid-up (unless
    national law provides that called-up capital be                         national law provides that called-up capital be
    shown as an asset under item 11).                                       shown as an asset under item 11).
15. Accruals and deferred income.                                      16. Accruals and deferred income.
16. Loss for the financial year (unless national law                   17. Loss for the financial year (unless national law
    provides for its inclusion under item 13 of the                         provides for its inclusion under item 13 of the
    liabilities).                                                           liabilities).
Total assets                                                            Total assets
                                                    'Liabilities' unchanged
                                          ' B e l o w t h e Line i t e m s ' u n c h a n g e d
                           Article 5                                                               Article 5
1.    The Member States shall describe that the                         1.    The following shall be shown separately in sub-
following shall be shown separately in sub-items to                    items to the respective items:
the respective items:
— claims, whether or not represented by certificates,                  Unchanged.
    on affiliated undertakings and contained in
    'Assets' items 3 to 7,
— claims, whether or not represented by certificates,                  Unchanged.
    on undertakings with which the credit institution
    is linked by virtue of a participating interest and
    contained in 'Assets' items 3 to 7,
 ---pagebreak---  24.3.84                               Official Journal of the European Communities                               N o C 83/9
                       ORIGINAL PROPOSAL                                              AMENDED PROPOSAL
— liabilities, whether or not represented by cer-                  Unchanged,
    tificates, to affiliated undertakings and contained
     in 'Liabilities' items 1, 2, 3 and 8,
— liabilities whether or not represented by cer-                  Unchanged,
    tificates, to undertakings with which the credit
    institution is linked by virtue of a participating
     interest and contained in 'Liabilities' items 1, 2, 3
    and 8.
2.     The Member States may, however, permit this                Unchanged,
information, broken down by the items referred to in
paragraph 1, to be shown in the notes.
                                               Articles 6 to 8 u n c h a n g e d
                            Article 9                                                      Article 9
1.     The classification by maturity of certain assets           1.    The classification by maturity of certain assets
and liabilities shall be based on the originally agreed          and liabilities shall be based on the remaining maturity
maturity or period of notice. However, where a credit            as at the balance sheet date.
institution has acquired an existing loan not
represented by a certificate, it shall classify that loan
on the basis of the remaining maturity as at the date
on which it was acquired.
2.     The originally agreed maturity for loans shall be          2.    If loans and advances or other claims are
the period between the date of first drawing and the             redeemable by instalments, the remaining maturity
date of repayment. The period of notice shall be                 shall be the period between the balance sheet date and
deemed to be the period between the date on which                the date on which the last instalment falls due.
notice is given and the date on which repayment is to
be made.
3.     If loans and advances or other claims are                  3.    Only those amounts which can at any time be
redeemable by instalments, the agreed maturity shall             withdrawn without notice or for which a maturity or
be the period between the date on which such loans               period of notice of not more than 24 hours or one
and advances or other claims arose and the date on               working day has been agreed shall be regarded as
which the last instalment falls due.                             repayable on demand.
4.     Only those amounts which can at any time be                4.    For five years from the date referred to in
withdrawn without notice or for which a maturity or              Article 44 (2), the Member States may require or
period of notice of not more than 24 hours or one                permit the classification by maturity of the assets and
working day has been agreed shall be regarded as                 liabilities referred to in this Article to be based on the
repayable on demand.                                             originally agreed maturity or period of notice.
                                                                  However, where a credit institution has acquired an
                                                                 existing loan not represented by a certificate, the
                                                                  Member States shall require classification of that loan
                                                                 to be based on the remaining maturity as at the date
                                                                 on which it was acquired.
 5.    The Member States may permit deviations from               5.     For the purposes of paragraph 4, the originally
the provisions of paragraphs 2 to 4 provided that this            agreed maturity for loans shall be the period between
is necessary to provide a true and fair view of the               the date of first drawing and the date of repayment;
credit institution's assets, liabilities, financial position      the period of notice shall be deemed to be the period
and profit or loss. In such cases, credit institutions            between the date on which notice is given and the date
shall indicate in the notes the extent to which they              on which repayment is to be made; if loans and
have deviated from these provisions.                              advances or other claims are redeemable by
 ---pagebreak--- N o C 83/10                           Official Journal of the European Communities                               24. 3. 84
                     ORIGINAL PROPOSAL                                               AMENDED PROPOSAL
                                                                 instalments, the agreed maturity shall be the period
                                                                 between the date on which such loans and advances or
                                                                 other claims arose and the date on which the last
                                                                 instalment falls due.
                         Article 10                                                      Article 10
1.     Sale and repurchase transactions are transactions         Unchanged.
which involve the transfer by a credit institution or
customer (the 'transferor') to another credit
institution or customer (the 'transferee') of assets
which belong to it, in particular, bills, claims or
securities against payment of a specified amount,
subject to an agreement that the same assets be
repurchased by the transferor, at the purchase price
or a different amount determined in advance, at a
specified or still to be specified date.
2.     If the transferee undertakes to return the assets         Unchanged.
at a date determined in advance or to be determined
by the transferor, the transaction in question shall be
deemed to be a genuine sale and repurchase
transaction.
3.     If, however, the transferee is merely entitled to         Unchanged.
return the assets at the purchase price or for a
different amount agreed in advance at a specified or
still to be specified date, the transaction in question
shall be deemed to be a sale with an option to
repurchase.
4.     In the case of the genuine sale and repurchase            Unchanged.
transactions referred to in paragraph 2, the assets
transferred shall continue to be carried on the balance
sheet of the transferor; the purchase price received by
the transferor shall be entered as an amount owed to
the transferee.
5.     In the case referred to in paragraph 3, however,          5.    In the case referred to in paragraph 3, however,
the transferor is not entitled to enter in his balance           the transferor is not entitled to enter in his balance
sheet the assets transferred, and these items shall be           sheet the assets transferred, and these items shall be
carried as assets in the transferee's balance sheet. The         carried as assets in the transferee's balance sheet. The
transferor shall enter in item 3 below the line a                transferor shall enter in item 3 below the line an
contingent liability equal to the amount agreed in the           amount equal to the price agreed in the event of
event of repurchase.                                             repurchase.
6.     Forward      exchange      transactions,     options,     Unchanged.
transactions involving the issue of debentures with a
commitment to repurchase all or part of the issue
before maturity and any similar transactions shall not
be regarded as sale and repurchase transactions
within the meaning of this Article.
                         Article 11                                                      Article 11
Assets: Item 1                                                   Assets: Item 1
 Cash in hand and balances with central banks and                 Cash in hand and balances with central banks and
postal cheque offices                                            postal cheque offices
 1.    Cash in hand shall comprise            legal  tender      Unchanged.
including foreign notes and coin.
 ---pagebreak--- 24. 3. 84                             Official Journal of the European Communities                                    N o C 83/11
                      ORIGINAL PROPOSAL                                                      AMENDED PROPOSAL
2.     This item may include only balances with the                      2.      This item may include only balances with the
central bank and postal cheque offices of the country                    central bank and postal cheque offices of the country
in which the registered office of the credit institution                 in which the registered office of the credit institution
drawing up the balance sheet is located, together with                   drawing up the balance sheet is located, together with
balances of the credit institution's branches with such                  balances of the credit institution's branches with such
bodies in their respective host countries. These                         bodies in their respective host countries. These
balances must be readily available at any time. Other                    balances must be readily available at any time.
claims on such bodies shall be shown as loans and                        However, immediate availability shall not be affected
advances to credit institutions ('Assets' item 3) or as                  by monetary policy or banking                supervisory
loans and advances to customers ('Assets' item 5).                       requirements. Other claims on such bodies shall be
                                                                         shown as loans and advances to credit institutions
                                                                         ('Assets' item 3) or as loans and advances to
                                                                         customers ('Assets' item 5).
                                             A r t i c l e s 12.to 2 7 u n c h a n g e d
                          Article 28                                                             Article 28
For the presentation of the profit and loss account,                     For the presentation of the profit and loss account,
Member States shall prescribe one or both of the                         Member States shall prescribe the layout contained in
layouts contained in Articles 29 and 30. If a Member                     Article 30. They may also authorize presentation in
State prescribes both layouts it may allow credit                        accordance with the layout set out in Article 29.
institutions to choose between them.
                                            A r t i c l e s 29 an           unchanged
                           Article 31                                                            Article 31
Article 29, items 1 and 4 (vertical layout) and Article                  Article 29, item 1 and 4 (vertical layout) and Article
30, items A.1 and B.l (horizontal layout).                               30, items A.l and B.l (horizontal layout).
Interest receivable and interest payable                                 Interest receivable and interest payable
                                                                         These items shall include:
1.     Interest receivable shall include all income                      1. All income arising from the assets shown in
arising from the assets shown in 'Assets', items 1 to 7,                     'Assets', items 1 to 7, of the balance sheet
of the balance sheet regardless of the form in which                         regardless of the form in which such income is
such income is calculated. Interest receivable shall                         calculated. This shall also include income arising,
also include income arising, through the spreading of                        through the spreading of the discount on a time
the discount on a time basis, in the case of assets                          basis, in the case of assets acquired below par
acquired below par value.                                                    value.
2.      Interest payable shall include all charges for                   2. All charges for liabilities shown under 'Liabilities',
liabilities shown under 'Liabilities', items 1 to 3,                          items 1 to 3, regardless of the form in which such
regardless of the form in which such charges are                              charges are calculated. This shall also include
calculated. Interest payable shall also include charges                       charges arising, through the spreading of the
arising, through the spreading of the premium on a                            premium on a time basis, in the case of liabilities
time basis, in the case of liabilities entered into above                     entered into above par value.
par value.
 3.     Fees and commissions computed on a time basis                    Unchanged.
 and by reference to the amount of the claim or
 liability shall also be regarded as interest.
                                                     A r t i c l e 32 u n c h a n g e d
 ---pagebreak--- N o C 83/12                            Official Journal of the European Communities                                     24. 3. 84
                      ORIGINAL PROPOSAL                                                     AMENDED PROPOSAL
                          Article 33                                                            Article 33
Article 29, items 3 and 5 (vertical layout) and Article                Article 29, items 3 and 5 (vertical layout) and Article
30, items A.2 and B.3 (horizontal layout).                             30, items A.2 and B.3 (horizontal layout).
Commissions receivable and commissions payable                         Commissions receivable and commissions payable
Commissions receivable shall include income in                         Without prejudice to the provisions of Article 31,
respect of all services supplied for the account of                    commissions receivable shall include income in
third parties, and commissions payable shall include                   respect of all services supplied for the account of
charges for the use of services of third parties,                      third parties, and commissions payable shall include
notably:                                                               charges for the use of services of third parties,
                                                                       notably:
— commissions for guarantees, loans administration                     Unchanged.
     for the account of other lenders and securities
     transactions for the account of third parties,
— commissions and other charges and income in                          Unchanged.
     respect    of    payment      transactions,        account
     administration charges and commissions for the
     safe custody and administration of securities,
— commissions for foreign currency transactions and                    Unchanged.
     for the sale and purchase of coin and precious
     metals for the account of third parties,
— commissions earned for brokerage services in                         Unchanged.
     connection with loans, savings or insurance
     contracts.
                                              A r t i c l e s 34 t o 35 u n c h a n g e d
                          Article 36                                                            Article 36
1.     'Assets', item 9, shall always be valued as fixed               1.     'Assets', item 10, shall always be valued as fixed
assets. The assets included in other balance sheet                     assets. The assets included in other balance sheet
items shall be valued as fixed assets where they are                   items shall be valued as fixed assets where they are
intended for use on a continuing basis in the normal                   intended for use on a continuing basis in the normal
course of the credit institution's activities.                         course of the credit institution's activities.
2.     Where reference is made to 'Financial fixed                     Unchanged.
assets' in Section 7 of Directive 78/660/EEC, this
term shall in the case of credit institutions be taken to
mean participating interests, shares in affiliated under-
takings and securities intended for use on a
continuing basis in the normal course of the credit
institution's activities.
                          Article 37                                                            Article 37
Article 39 of Directive 78/660/EEC shall be applied                    Unchanged.
in the valuation of credit institutions' loans and
advances subject to the following provisions:
 1. Loans and advances to credit institutions and                      Unchanged.
    customers ('Assets', items 3 and 5), may be shown
    at a lower value than permitted under Article
    39 (1) (b) and (c) of Directive 78/660/EEC, where
    this is necessary in view of the prudence dictated
    by the particular risk attaching to banking
    business. Nevertheless, the difference between this
 ---pagebreak--- 24. 3. 84                            Official Journal of the European Communities                                N o C 83/13
                    ORIGINAL PROPOSAL                                                    AMENDED PROPOSAL
    lower value and that which would result from the
    application of the provisions mentioned above
    must not be greater than 5 %.
2. The valuations thus established may be maintained                Unchanged.
    until the credit institution drawing up the balance
    sheet wishes to write up the items in order to avoid
    undue fluctuations in value adjustment charges.
                                                                        The authorities in the Member States responsible
                                                                        for supervising banks and other financial
                                                                        institutions shall ensure that the application of the
                                                                        provisions of paragraphs 1 and 2 is not used to
                                                                        withhold from customers and other credit
                                                                        institutions the information they need to gain an
                                                                        accurate impression of the position of their business
                                                                        partners. The credit institutions shall supply the
                                                                        supervisory authorities with all the data necessary
                                                                        for this purpose.
                                                A r t i c l e 38 u n c h a n g e d
                         Article 39                                                          Article 39
 1.    Article 43 of Directive 78/660/EEC shall apply                Unchanged,
subject to the following provisions.
2.     In place of the information required under                   2.      In place of the information required under
Article 43 (1) (6) of Directive 78/660/EEC, credit                  Article 43(1) (6) of Directive 78/660/EEC, credit
institutions shall, in the notes on the accounts,                   institutions shall, in the notes on the accounts,
provide an analysis of fixed term claims and liabilities            provide an analysis of fixed term claims and liabilities
in respect of credit institutions and customers other               in respect of credit institutions and customers other
than credit institutions ('Assets', items 3 (b), (bb),              than credit institutions ('Assets', items 3 (b), (bb),
5 (b) and 7 and 'Liabilities', items 1 (b), (bb), 2 (b)             5 (b) and 7 and 'Liabilities', items 1 (b), (bb), 2 (b)
and (c), 3 (b) and 8) in accordance with the following              and (c), 3 (b) and 8) in accordance with Article 9 for
periods:                                                            the following periods:
— up to and including one year,                                     — up to one year,
— more than one year but less than five years,                      — more than one and up to two years,
— five years and over.                                              — more than two and up to five years,
                                                                    — more than five years.
In addition, credit institutions shall indicate, in                  Unchanged.
respect of the balance sheet items specified above and
also in respect of 'Assets', item 6, debt securities held
in portfolio, and 'Liabilities', item 3 (a), debt
securities issued, what proportion of assets and
liabilities with an original maturity of five years or
more will become due within one year of the balance
sheet date.
The Member States may stipulate that this infor-                     Unchanged,
mation be given in the balance sheet.
Lastly, credit institutions shall provide information on             Unchanged,
the assets which have been pledged as security for
their own liabilities (including contingent liabilities);
the information should be in sufficient detail to
 ---pagebreak--- No C 83/14                          Official Journal of the European Communities                             24. 3. 84
                    ORIGINAL PROPOSAL                                             AMENDED PROPOSAL
indicate, for each item under 'Liabilities' and for each
item below the line, the total amount of the assets
pledged as security.
3.    Where credit institutions have to provide infor-         Unchanged,
mation within the meaning of Article 43 (1) (7) of
Directive 78/660/EEC in the items below the line,
such information need not be repeated in the notes
on the accounts.
4.     In place of the information required under              Unchanged.
Article 43 (1) (8) of Directive 78/660/EEC, credit
institutions shall indicate in the notes the proportion
of their operating income (items 1 to 3 and 6 of the
profit and loss account) which arises from domestic
and foreign markets respectively.
5.     By way of derogation from Article 43 (1) (13) of        Unchanged.
Directive 78/660/EEC, credit institutions need
indicate only the amounts of advances and credits
granted to the members of their administrative,
managerial and supervisory bodies, and the
commitments entered into on their behalf by way of
guarantees of any kind.
                         Article 40                                                   Article 40
 1.    The information required under Article 15 (3) of        Unchanged.
Directive 78/660/EEC shall apply to fixed assets as
defined in Article 36 of this Directive.
 2.    The Member States shall require credit                  Unchanged.
institutions to give in addition the following infor-
 mation in the notes on the accounts:
 (a) a breakdown of the securities included in 'Assets',       (a) a breakdown of the securities included in 'Assets',
     items 6, 7 and 8 into listed and unlisted securities          items 6, 7, 8 and 9 into listed and unlisted
     and into securities which, pursuant to Article 36             securities and into securities which, pursuant to
     of this Directive, were or were not valued as fixed           Article 36 of this Directive, were or were not
     assets;                                                       valued as fixed assets;
 (b) information on the value of leasing transactions          Unchanged.
     apportioned between the relevant balance sheet
     items;
 (c) the book values, separately of land and buildings,        (c) the book values, separately of land and buildings,
     included in 'Assets', item 10, occupied by the                included in 'Assets', item 11, occupied by the
     credit institution and land and buildings held for            credit institution and land and buildings held for
     resale;                                                       resale;
 (d) a breakdown of 'Assets', item 13, 'Liabilities',          (d) a breakdown of 'Assets', item 14, 'Liabilities',
     item 4, charges items 11 and 15 in the vertical               item 4, charges items 11 and 15 in the vertical
     layout or A.7 and 9 in the horizontal layout and              layout or A.7 and 9 in the horizontal layout and
     income items 6 and 14 in the vertical layout or               income items 6 and 14 in the vertical layout or
     B.6 and 8 in the horizontal layout into their main            B.6 and 8 in the horizontal layout into their main
     component amounts, where such amounts are                     component amounts, where such amounts are
     important for the purpose of assessing the annual             important for the purpose of assessing the annual
     accounts, as well as explanations of their nature             accounts, as well as explanations of their nature
     and amount;                                                   and amount;
 ---pagebreak--- 24. 3. 84                           Official Journal of the European Communities                                 No C 83/15
                     ORIGINAL PROPOSAL                                                   AMENDED PROPOSAL
 (e) information on the amounts of interest which the                 Unchanged.
     credit institutions have received for subordinated
     assets in the year under review or have expended
     for subordinated liabilities.
                        SECTION 9                                                            SECTION 9
            Certain provisions not applicable                                    Certain provisions not applicable
                                                                                       to smaller companies
                                                 A r t i c l e 41   nchanged
                         Article 42                                                           Article 42
1.    The properly authorized annual accounts of                     1.    The properly authorized annual accounts of
credit institutions, together with the annual report                 credit institutions, together with the annual report
and the opinion of the person responsible for auditing               and the opinion of the person responsible for auditing
the accounts, shall be published in the manner                       the accounts, shall be published in the manner
required by the legislation in each Member State in                  required by the legislation in each Member State in
accordance with Article 3 of Council Directive                       accordance with Article 3 of Council Directive
68/151/EEC 0).                                                       68/151/EEC 0).
However, for credit institutions not having one of the               2.    However, where the credit institution which
legal forms specified in Article 1 (1) of Directive                  drew up the consolidated accounts is not established as
78/660/EEC and not subject to the national                           one of the types of company listed in Article 1 (1) of
legislation concerning publication referred to above,                Directive 78/660/EEC and is not required by its
Member       States shall lay down            appropriate            national law to publish the documents referred to in
requirements which will at least make the                            paragraph 1 in the same manner as prescribed in
abovementioned documents available to the public, on                 Article 3 of Directive 68/151/EEC, it must at least
demand and without charge, at the registered office                  make them available to the public at its head office. It
of the credit institution.                                           must be possible to obtain a copy of such documents
                                                                     on request. The price of such a copy must not exceed
                                                                     its administrative cost.
2.    The annual accounts of a credit institution shall              3.    The annual accounts of a credit institution shall
be published in all Community countries where the                    be published in each Member State where the credit
credit institution has branches as defined by Article 1,             institution has branches as defined by Article 1, third
third indent, of Directive 77/780/EEC, in the official               indent, of Directive 77/780/EEC. Such Member
language of each country concerned.                                  States may require that the publication of these
                                                                     documents is made in its official language.
                                           A r t i c l e s 43 t o 4   unchanged
(*) OJ No L 65, 14. 3. 1968, p. 8.                                   (') OJ No L 65, 14. 3. 1968, p. 8.