List of credit institutions authorized in Iceland, Liechtenstein and Norway provided for in Article 3 (7) of Directive 77/780/EEC (97/C 178/03)

General

Articles 3 (7) and 10 (2) (1) of first Council Directive 77/780/EEC of 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 (2) require the Commission to draw up and publish a list of all credit institutions authorized to do business in Member States. Paragraph 6 (b) of Protocol 1 to the EEA Agreement requires that facts, procedures, reports and the like regarding the EFTA States shall be published in a separate section of the Official Journal of the European Communities when corresponding information is to be published regarding the EC Member States.

This is the second occasion on which the Standing Committee of the EFTA States complies with the abovementioned requirement, in accordance with paragraph 6 (b) of Protocol 1 to the EEA Agreement and Article 1 (1) (b) of Protocol 1 to the Agreement on a Standing Committee of the EFTA States. The list published in the Annex to this communication reflects the situation as on 31 December 1995. As regards the content of the list, updating of the list and classification of credit institutions in the list by groups, reference is made to the corresponding list published by the Commission (OJ No C 156, 7. 6. 1994, p. 1) and explanations given in part I, General. Similarly, explanatory comments have been added to the country sections.

The present list was drawn up by the Standing Committee of the EFTA States on the basis of information supplied by the EFTA States concerned. The list has no legal significance and confers no rights in law. If an unauthorized institution is inadvertently included in the list, its legal status is in no way altered; similarly, if an institution has inadvertently been omitted from the list, the validity of its authorization will not be affected.

ICELAND

1. Commercial banks and savings banks (vi sskiptabankar og sparisjó sir)

The activities of commercial banks and savings banks consist of the custody and investment of money, the transfer of funds, trading in securities and other services normally connected with such transactions. Only commercial banks and savings banks and other institutions with special legal authorization may accept deposits from the public for safekeeping and investment.

(a) Commercial banks (vi sskiptabankar)

Commercial banks are divided into two groups. Commercial banks owned by the State, i.e. State commercial banks and commercial banks operated by limited companies.

A commercial bank must be established as a limited company with a minimum share capital of ECU 5 million.

Limited companies are those defined as such in the Limited Companies Act.

(b) Savings banks (sparisjó sir)

Savings banks are self-governing institutions. The founders of a savings bank, i.e. guarantee capital owners, shall be no fewer than 30. Guarantee capital owners shall own equal holdings and shall have equal voting rights unless the articles of association permit some other arrangement. The guarantee capital owners are not liable for the savings bank's commitments beyond the extent of their guarantee capital and they do not have the right to a share of the profits arising from the savings bank's operation surplus in excess of a maximum percentage of dividend in relation to guarantee capital shares, decided each year by the Savings Banks' Deposit Guarantee Fund. Local communal authorities nominate at least two of the five members of the board of directors of a savings bank.

No savings bank may be established with guarantee capital lower then ECU 5 million. The Minister of Commerce may waive this minimum requirement after receiving proposals from the Bank Inspectorate and the Savings Banks' Deposit Guarantee Fund. However, guarantee capital may at no time be less than ECU 1 million. Savings banks operating on 1 July 1993 with own funds lower than ECU 1 million may continue their operations provided that their own funds do not drop below the level to which they amounted on 1 July 1993.

2. Credit institutions other than commercial banks and savings bank (a srar lánastofnanir en vi sskiptabankar og sparisjó sir)

The definition of 'credit institution other than commercial banks and savings banks` comprises companies or institutions, other than included under items 1 (a) and 1 (b) whose principal activity is to make loans in their own name and which raise capital for this purpose through the issue and sale to the public of bonds and other repayable debt instruments, see however the definition of leasing company under item 2 (b), and provide services which are connected in a normal way with such credit activities. These credit institutions may not accept deposits from the public for safekeeping and investment.

(a) Institutions other than leasing companies (a srar lánastofnanir en eignarleigufyrirtæki)

A credit institution, other than a leasing company, applying to the aforementioned definition must be established as a limited company with a minimum share capital of ECU 5 million. Those credit institutions operating on 30 December 1993 do not have to change their legal form to a limited company form and those institutions operating at that same time with their own funds lower than ECU 5 million may continue their operations, provided that their own funds do not drop below the level to which they amounted on 30 December 1993.

(b) Leasing companies (eignarleigufyrirtæki)

A leasing company is a credit institution which has leasing as its main activity, irrespective of how this activity is financed. A leasing company must be established as a limited company with a minimum share capital of ECU 1 million. Those leasing companies operating on 30 December 1993 with their own funds lower than ECU 1 million may continue their operations, provided that their own funds do not drop below the level to which they amounted on 30 December 1993.

LIECHTENSTEIN

The operation of Liechtenstein banks and other credit institutions is subject to the Statute on Banks of 21 October 1992, No 1992/108 (Gesetz vom 21. Oktober 1992 über die Banken und Finanzgesellschaften). Moreover, banks and other credit institutions are public limited companies (Aktiengesellschaften) formed under private law and regulated in the Statue on Individuals and Companies of 20 January 1926, No 1926/4. The Liechtensteinische Landesbank Aktiengesellschaft, in addition, must comply with the Liechtensteinische Landesbank Statute of 21 October 1992, No 1992/109.

1. Banks

Banks are companies limited by shares with a minimum share capital of Sfrs 10 million. They have the exclusive right to accept deposits and other repeyable money as well as to engage in the custody business. Furthermore, the Liechtensteinische Landesbank Aktiengesellschaft (majority shareholder: the Government of the Principality of Liechtenstein) is exclusively authorized to establish State-guaranteed savings accounts and to issue State-guaranteed medium-term notes. Moreover, banks typically engage in all types of lending of other people's money to an undefined circle of borrowers, other off-balance sheet activities as well as in the issue of securities and its related services.

2. Other credit institutions

Finance companies are companies limited by shares with a minimum share capital of Sfrs 2 million. Finance companies provide all types of lending of other people's money to an undefined circle of borrowers, engage in all types of off-balance sheet activities as well as in the issue of securities and its related services. Finance companies must not engage in the custody business, must not accept deposits or other repayable money and must not issue bonds for their own finance purposes.

NORWAY

1. Commercial banks (forretningsbanker)

Commercial banks are limited liability companies (aksjeselskaper) except for the Postal Bank (Norges Postbank) which is a separate State enterprise established in accordance with the Postal Bank Act, Statute No 51 of 5 June 1992. The Postal Bank is supervised by the Norwegian Banking, Insurance and Securities Commission (Kredittilsynet).

Commercial banks are entitled and obliged to include the word 'bank` in their names; only savings banks may do the same. The main legislation applying to commercial banks is the Commercial Bank Act, Statute No 1 of 24 May 1961 and the Financing Activity and Financial Institution Act, Statute No 40 of 10 June 1988.

Commercial banks are authorized to operate a deposit-taking business and to provide general banking services.

2. Savings banks (sparebanker)

Savings banks are self-governing institutions which are organized in accordance with the Savings Bank Act.

The main legislation applying to savings banks is the Saving Bank Act, Statute No 1 of 24 May 1961 and the Financing Activity and Financial Institutuions Act, Statute No 40 of 10 June 1988.

Savings banks are entitled and obliged to include the words 'Savings bank` (sparebank) in their names; 10 other institution except commercial banks are entitled to use the word 'bank`.

Savings banks are authorized to operate a deposit-taking business and to provide general banking services.

3. Finance companies and

4. Mortgage companies

Finance companies (finansieringsforetak) and mortgage companies (kredittforetak) may be organized either as limited liability companies (aksjeselskaper), self-owning institutions (foundations) (stiftelse), borrowers' associations (loan associations (kredittforening) or mortgage associations (hypotekforening)).

The main legislation applying to finance companies and mortgage companies is the Financing Activity and Financial Institutions Act, Statute No 40 of 10 June 1988.

Finance companies may engage in financing activities defined as the granting, intermediating or furnishing of guarantees for credit, or otherwise participating in the financing of activity other than one's own.

Mortgage companies are institutions which pursuant to their arctiles of association finance their lending activity mainly through issue of bonds.

(1) Article 10 (2) does not apply in the EEA context.

(2) OJ No L 322, 17. 12. 1977, p. 30.

ANEXO - BILAG - ANHANG - ÐÁÑÁÑÔÇÌÁ - ANNEX - ALLEGATO - BIJLAGE - ANEXO - LIITE - BILAGA

ISLANDIA - ISLAND - ISLAND - ÉÓËÁÍÄÉÁ - ICELAND - ISLANDE - ISLANDA - IJSLAND - ISLANDIA - ISLANTI - ISLAND

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LIECHTENSTEIN

1. Banks

Bank in Liechtenstein AG

Herrengasse 12

9490 Vaduz

Centrum Bank AG

Heiligkreuz 8

9490 Vaduz

Liechtensteinische Landesbank AG

Städtle 44

9490 Vaduz

Neue Bank AG

Kirchstraße 8

9490 Vaduz

Verwaltungs- und Privat-Bank AG

Im Zentrum

9490 Vaduz

2. Other credit institutions

LGT Finanz AG

Herrengasse 12

9490 Vaduz

Express-Finanz-AG

Reberastraße 5

9494 Schaan

Serica Vermögensverwaltung und Finanzanstalt

Postfach 725

9490 Vaduz

NORUEGA - NORGE - NORWEGEN - ÍÏÑÂÇÃÉÁ - NORWAY - NORVÈGE - NORVEGIA - NOORWEGEN - NORUEGA - NORJA - NORGE

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