IE
S.I. No. 358/2006 - European Communities (Licensing and Supervision of Credit Institutions) (Amendment) Regulations 2006
Table of Provisions (15)
Statutory Text (15 Articles)
1. These Regulations may be cited as the European Communities (Licensing and Supervision of Credit Institutions) (Amendment) Regulations 2006.
2. In these Regulations “Principal Regulations” means European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (
S.I. No. 395 of 1992
).
3. Regulation 2 of the Principal Regulations is amended -
(a) by substituting for the definition of “the Directive” the following definition
“ ‘Directive’ means Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000
2
, in so far as it relates to matters previously comprised in Council Directive 89/646/EEC of 15 December 1989
1
, as amended by Commission Directive 2006/29/EC of 8 March 2006
3
;”,
and
(b) in the definition of “initial capital”, by substituting “paragraph 2 of Article 34 of the Directive” for “paragraph 1 of Article 2 of Council Directive No. 89/299/EEC of 17 April 1989
4
”.
4. Regulation 3 of the Principal Regulations is amended by substituting “paragraph 3” for “paragraphs 2 and 3”.
5. Regulation 4 of the Principal Regulations is amended, in the definition of “solvency ratio”, by substituting “the Directive” for “Council Directive No. 89/647/EEC of 18 December 1989
5
”.
6. Regulation 10 of the Principal Regulations is amended -
(a) in paragraph (1), by substituting “paragraph 5 of Article 23” for “paragraph 4 of Article 9”, and
(b) in paragraph (3), by substituting “paragraph 6 of Article 23” for “paragraph 5 of Article 9”.
7. Regulation 11(2) of the Principal Regulations is amended by substituting “Article 15 of the Directive” for “Article 5 of Council Directive No. 77/780/EEC of 12 December 1977
6
,”.
8. Regulation 13(3) of the Principal Regulations is amended by substituting “paragraph 6 of Article 5” for “paragraph 4 of Article 10”.
9. Regulation 15(5) of the Principal Regulations is amended by substituting “paragraph 6 of Article 51” for “paragraph 8 of Article 12”.
10. Regulation 17(2) of the Principal Regulations is amended by deleting subparagraph (c).
11. Regulation 18(2) of the Principal Regulations is amended by substituting “Article 28 of the Directive” for “paragraph (1) of Article 7 of Directive 77/780/EEC of 12 December 1977
6
”.
12. Regulation 19(3) of the Principal Regulations is amended -
(a) in subparagraph (b), by substituting “Article 29” for “Article 15”, and
(b) by substituting “paragraph 9 of Article 30 of the Directive” for “paragraph 7 of Article 12 of Directive 77/780/EEC of 12 December 1977
6
”.
13. Regulation 28 of the Principal Regulations is amended by substituting “Article 22” for “Article 21”.
14. Regulation 29 of the Principal Regulations is amended by substituting “Article 22” for “Article 21”.
GIVEN under my Official Seal,
5th July 2006.
Brian Cowen
Minister for Finance.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations transpose Commission Directive 2006/29/EC of 8 March 2006, which amended Article 2(3) of Directive 2000/12/EC (the Codified Banking Directive) as regards the exclusion of certain national institutions from the scope of that Directive. The changes made to Article 2(3) by the Commission Directive of 8 March 2006 were as follows
- the fourth indent was replaced by ‘—in Denmark the “Dansk Eksportfinansieringsfond,” the “Danmarks Skibsreditfond”, the “Dansk Landbrugs Realkreditfond”, and the “KommuneKredit”,’.
- the sixth indent was replaced by ‘—in Greece, the Tamio Parakatathikon kai Danion,’.
- the fourteenth indent was replaced by ‘—in Finland, the “Teollisen yhteistyön rahasto Oy/Fonden för industriellt samarbete AB”, and the “Finnvera Oyj/Finnvera Abp”,’.
The opportunity has also been taken in these Regulations to clarify that Directive 89/646/EEC has been codified with other Directives into Directive 2000/12/EC.
1
OJ No. L386, 30.12.1989, p.1.
2
OJ No. L126, 26.05.2000, p.1.
3
OJ No. L70, 09.03.2006, p.50.
2
OJ No. L126, 26.05.2000, p.1.
3
OJ No. L70, 09.03.2006, p.50.
2
OJ No. L126, 26.05.2000, p.1.
1
OJ No. L386, 30.12.1989, p.1.
3
OJ No. L70, 09.03.2006, p.50.
4
OJ No. L124, 05.05.1989, p.16.
5
OJ No. L386, 30.12.1989, p.14.
6
OJ No. L322, 17.12.1977, p.30.
6
OJ No. L322, 17.12.1977, p.30.
6
OJ No. L322, 17.12.1977, p.30.
S.I. No. 358 of 2006
REGULATIONS
entitled
European Communities (Licensing and Supervision of Credit Institutions) (Amendment) Regulations 2006
Made by the Minister for Finance
WHEREAS Council Directive 89/646/EEC of 15 December 1989
1
, together with other Directives, was codified and combined in a single text of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000
2
AND WHEREAS Directive 2000/12/EC has been last amended by Commission Directive 2006/29/EC of 8 March 2006
3
NOW, I, Brian Cowen, Minister for Finance, in exercise of the powers conferred on me by
section 3
of the
European Communities Act 1972
(No. 27 of 1972), for the purpose of giving effect to Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000
2
, as amended by Commission Directive 2006/29/EC of 8 March 2006
3
, hereby make the following regulations