OBJECTIVE: to codify Community rules on the taking up and pursuit of the business of credit
institutions.
SUBSTANCE: the proposal seeks to codify the following directives:
- 77/183/EEC, on the abolition of restrictions on freedom of establishment and freedom to provide
services in respect of self-employed activities of banks and other financial institutions;
- 77/780/EEC as amended by Directive 89/646/EEC, on the coordination of laws, regulations and
administrative provisions relating to the taking up and pursuit of the business of credit institutions;
- 89/299/EEC, on the own funds of credit institutions;
- 89/647/EEC, on the solvency ratio for credit institutions;
- 92/30/EEC, on the supervision of credit institutions on a consolidated basis;
- 92/121/EEC, on the monitoring and control or large exposures of credit institutions.
The new Directive will replace the various directives which it codifies; the proposal fully respects
the substance of the codified legislation, and merely regroups it to form a single text.�