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 1989¹ , 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 2000² :

AND WHEREAS Directive 2000/12/EC has been last amended by Commission Directive 2006/29/EC of 8 March 2006³ :

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 2000² , as amended by Commission Directive 2006/29/EC of 8 March 2006³ , hereby make the following regulations:

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 2000² , in so far as it relates to matters previously comprised in Council Directive 89/646/EEC of 15 December 1989¹ , as amended by Commission Directive 2006/29/EC of 8 March 2006³ ;-�,

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 1989⁴ -�.

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 1989⁵ -�.

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 1977⁶ ,-�.

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 1977⁶ -�.

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 1977⁶ -�.

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-�.

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.