EEC on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions - Main contents

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dossier	COM(1998)461-2 - Amendment of Directive 77/780/EEC on the co-ordination of laws, regulations and administrative provisions relating to the ...
document	COM(1998)461
date	September 18, 2000

(1) In accordance with the objectives of the Treaty, it is desirable to promote harmonious development of the activities of credit institutions throughout the Community, in particular as regards the issuance of electronic money.

(2) Certain institutions limit their activity primarily to the issuance of electronic money. To avoid any distortion of competition between electronic money issuers, even as regards application of monetary policy measures, it is advisable that these institutions, subject to suitable specific provisions taking into account their special characteristics, be brought within the scope of Directive 2000/12/EC(5).

(3) It is advisable, consequently, to extend to these institutions the definition of credit institutions provided for in Article 1 of Directive 2000/12/EC.

(4) Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit and prudential supervision of the business of electronic money institutions(6) defines electronic money institutions.

(5) It is necessary for electronic money to be redeemable to ensure bearer confidence.