Directive 1986/635 - Annual accounts and consolidated accounts of banks and other financial institutions - Main contents

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Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions

Official Journal L 372 , 31/12/1986 P. 0001 - 0017

Finnish special edition: Chapter 6 Volume 2 P. 0136

Swedish special edition: Chapter 6 Volume 2 P. 0136

COUNCIL DIRECTIVE of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions

(86/635/EEC)

THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community, and in particular Article 54 (3) (g) thereof,

Having regard to the proposal from the Commission (1),

• (1) 

  OJ No C 130, 1.6.1981, p. 1, OJ No C 83, 24.3.1984, p. 6 and OJ No C 351, 31.12.1985, p. 24.

Having regard to the opinion of the European Parliament (2),

• (2) 

  OJ No C 242, 12.9.1983, p. 33 and OJ No C 163, 10.7.1978, p. 60.

Having regard to the opinion of the Economic and Social Committee (3),

• (3) 

  OJ No C 112, 3.5.1982, p. 60.

Whereas Council Directive 78/660/EEC of 25 July 1978, based on Article 54 (3) (g) of the Treaty, on the annual accounts of certain types of companies (4), as last amended by Directive 84/569/EEC (5), need not be applied to banks and other financial institutions, hereafter referred to as 'credit institutions', pending subsequent coordination; whereas in view of the central importance of these undertakings in the Community, such coordination is necessary;

• (4) 

  OJ No L 222, 14.8.1978, p. 11.

• (5) 

  OJ No L 314, 4.12.1984, p. 28.

Whereas Council Directive 83/349/EEC of 13 June 1983, based on Article 54 (3) (g) of the Treaty, on consolidated accounts (6), provides for derogations for credit institutions only until expiry of the deadline imposed for the application of this Directive; whereas this Directive must therefore also include provisions specific to credit institutions in respect of consolidated accounts;

• (6) 

  OJ No L 193, 18.7.1983, p. 1.

Whereas such coordination has also become urgent because more and more credit institutions are operating across national borders; whereas for creditors, debtors and members and for the general public improved comparability of the annual accounts and consolidated accounts of these institutions is of crucial importance;

Whereas in virtually all the Member States of the Community credit institutions within the meaning of Council Directive 77/780/EEC of the 12 December 1977 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (7), having many different legal forms, are in competition with one another in the banking sector; whereas it therefore seems advisable not to confine coordination in respect of these credit institutions to the legal forms covered by Directive 78/660/EEC but rather to opt for a scope which includes all companies and firms as defined in the second paragraph of Article 58 of the Treaty;

• (7) 

  OJ No L 322, 17.12.1977, p. 30.

Whereas as far as financial institutions are concerned the scope of this Directive should however be confined to those financial institutions taking one of the legal forms referred to in Directive 78/660/EEC; whereas financial institutions which are not subject to that Directive must automatically come under this Directive;

Whereas a link with coordination in respect of credit institutions is necessary because aspects of the provisions governing annual accounts and consolidated accounts will have an impact on other areas of that coordination, such as authorization requirements and the indicators used for supervisory purposes;

Whereas although, in view of the specific characteristics of credit institutions, it would appear appropriate to adopt a separate Directive on the annual accounts and consolidated accounts of such institutions,...

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