Standing Committee of the Efta States
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31 . 12 . 94 Official Journal of the European Communities No C 394/1 I (Information) EUROPEAN ECONOMIC AREA STANDING COMMITTEE OF THE EFTA STATES List of credit institutions authorized in Austria, Finland, Iceland, Norway and Sweden provided for in Article 3 ( 7 ) of Directive 77/780/EEC ( 94/C 394/01 ) General Articles 3 ( 7 ) and 10 ( 2 ) (*) 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 alike 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 first 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 at 31 August 1994 . 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 . (') Article 10 ( 2 ) does not apply in the EEA context. ( 2 ) OJ No L 322, 17. 12 . 1977, p . 30 . No C 394/2 Official Journal of the European Communities 31 . 12. 94 AUSTRIA 1 . Sector of commercial banks ( Sektor 'Aktienbanken') The commercial banks are 'universal' ( i.e. all-purpose ) banks formed under private law. These are in general : — 'Aktiengesellschaften' ( public limited companies ) in accordance with the 'Aktiengesetz' ( Companies Law), — 'Gesellschaften mit beschränkter Haftung' ( private limited liability companies ) in accordance with the 'Gesetz über Gesellschaften mit beschränkter Haftung' ( law concerning private limited liability companies). 2 . Savings, bank sector ( Sektor 'Sparkassen') The savings bank sector comprises the local savings banks and the central institution at national level ( GiroCredit Bank Aktiengesellschaft der Sparkassen). The central institution at national level handles, besides the regular banking activities, payment transfers of the local savings banks, administers the savings banks' 'liquidity reserves' and acts as the sector-clearing institution . The savings bank sector consists of 'Vereinssparkassen' ( savings banks established by a savings bank association, similar to the German 'freie Sparkassen') and 'Gemeindesparkassen' ( municipal savings banks established by one or more municipalities which also guarantee their liabilities). The framework for the business activities of savings banks is provided by the banking law and the banking licence granted to them . Savings banks are now all-purpose credit institutions, but their activities are mainly based on the savings business and the granting of credits in their local areas . 3 . Rural cooperative bank sector ( Sektor 'Raiffeisenkassen') The rural cooperative bank sector comprises a large number of local credit cooperatives, nine regional central institutions and the central institution at national level ( Raiffeisen Zentralbank Osterreich AG). The central institution at national level handles, besides the regular banking activities, payment transfers of the credit cooperatives, administers the credit cooperatives, 'liquidity reserves' and acts as the sector-clearing institution . The legal status of these institutions is usually that of registered cooperatives in accordance with the 'Genossenschaftsgesetz' ( law concerning cooperatives). Rural credit cooperatives traditionally offer a range of banking services to small entities, to the cooperative members, farmers and also to individual persons in the rural areas; however, a key aspect of their activities continues to be taking deposits from and granting loans to members of the cooperative . 4 . Industrial cooperative bank sector ( Sektor 'Volksbanken') The industrial cooperative bank sector, organized according to the system of 'Schulze-Delitzsch'-cooperatives, comprises local credit cooperatives and the central institution at national level ( Osterreichische Volksbanken AG ). The central institution at national level handles, besides the regular banking activities, payment transfers of the credit cooperatives, administers the credit cooperatives, 'liquidity reserves' and acts as the sector-clearing institution . The legal status of these institutions is usually that of registered cooperatives in accordance with the 'Genossenschaftsgesetz' ( law concerning cooperatives ). Industrial cooperative banks traditionally offer a range of banking services to small-scale industrial enterprises and also to individual persons; however, a key aspect of their activities continues to be taking deposits from and granting loans to members of the cooperative . 5 . Mortgage credit institutions ( Sektor 'Landes-Hypothekenbanken') Mortgage credit institutions are, besides the regular banking activities, specializing in long-term loans for housing and to the public authorities and the issuance of mortgage bonds and communal bonds. 31 . 12 . 94 Official Journal of the European Communities No C 394/3 6 . Building Societies ( Sektor 'Bausparkassen') The building societies focus on residential housing finance in accordance with the 'Bausparkassengesetz' ( law concerning building societies ). The building societies accept deposits from savers and, from these deposits, grant savers low-interest loans secured by mortgages on residential property. 7 . Special purpose banks ( Sektor 'Sonderbanken') Some Austrian banks are classified as special purpose banks ('Sonderbanken'). These are credit institutions specializing in factoring, leasing, promoting regional development, export promotion and the venture capital business . The 'Osterreichische Postsparkasse' ( Austrian Postal Savings Bank ) financing primarily the public sector belongs to the group of special purpose banks, too . DEFINITIONS ON THE LEGAL STATUS OF THE AUSTRIAN CREDIT INSTITUTIONS Abbreviation German name Translation AG Aktiengesellschaft public limited company GmbH Gesellschaft mit beschränkter Haftung private limited liability company KG Kommanditgesellschaft limited partnership Spk Sparkasse savings bank LHB Landes-Hypothekenbank public mortgage bank rGmbH registrierte Genossenschaft mit registered credit cooperative bank beschränkter Haftung PSK Österreichische Postsparkasse Austrian postal savings bank FINLAND DEPOSIT BANKS ( talletuspankit, depositionsbanker ) The deposit banks offer a full range of banking services . Besides accepting deposits, they engage in lending, effect domestic and foreign payments, provide asset management and trustee services as well as a wide range of investment, financial and consultation services . Only deposit banks can accept deposits . On the basis of their organizational structure, deposit banks have been divided into four categories : commercial banks, savings banks, savings bank limited liability companies and cooperative banks . 1 . Commercial banks ( liikepankit, affärsbanker ) Commercial banks are limited liability companies . They are domestically owned or in foreign ownership . The head offices of the foreign owned branches are given in the column marked 'observations'. The main legislation concerning commercial banks is the Act on Credit Institutions, Statute No 1607 of 30 December 1993 . In addition to the abovementioned act the Commercial Banks Act, Statute No 1266 of 28 December 1990 with later amendments is also applied . The foreign owned branches have their own legislation : the Act Relating to the Activities of Foreign Credit and Financial Institutions in Finland, No 1608 of 30 December 1993 . No C 394/4 Official Journal of the European Communities 31 . 12 . 94 2 . Savings banks ( säästöpankit, sparbanker ) Savings banks are non-profit, self-governing institutions which are so organized that neither founders, guarantors nor other participants own the assets or surplus . Skopbank ( under the title 'commercial banks') is the central bank of the savings banks . ' The main legislation concerning savings banks is the Act on Credit Institutions . Also the Savings Banks Act, Statute No 1270 of 28 December 1990 with later amendments is applied. 3 . Savings bank limited liability companies ( säästöpankkiosakeyhtiöt, sparbanksaktiebolag ) Savings bank limited liability companies are owned by foundations and the shares of these companies can be sold only by the permission of the Ministry of Finance . The Act on the Conversion of Savings Banks into