(5) The Commission has proposed a Directive modifying, inter alia, Directive 2000/12/EC, Council Directive 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions fn, Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes fn, and Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council fn, to repeal the advisory functions of the Banking Advisory Committee.

The Committee should cooperate with the other committees in the financial sector, in particular with the Committee established by Decision 2004/10/EC, with the Banking Supervision Committee of the European System of Central Banks and with the Groupe de Contact of European banking supervisors.

Commission Decision of 5 November 2003 establishing the Committee of European Banking Supervisors

The composition of the Committee should reflect the organisation of banking supervision and should also take account of the role of central banks as regards the overall stability of the banking sector at national and Community level.

The establishment of the Committee should be without prejudice to the organisation of banking supervision at either national or Community level.

improving Palestinian accounting, supervisory and regulatory systems of banking, insurance and other parts of the financial sector.

An independent body for reflection, debate and advice for the Commission in the field of banking regulation and supervision should be established.

For the consideration of problems concerning individual credit institutions the "groupe de contact" (contact group) set up between the banking supervisory authorities remains the most appropriate forum.

Whereas this Directive is in accordance with the work of an international forum of banking supervisors on the supervisory treatment of market risk and of positions in commodities and commodity derivatives;

That body, to be called the Committee of European Banking Supervisors, hereinafter referred to as "the Committee", should also contribute to the consistent and timely application of Community legislation in the Member States and to the convergence of supervisory practices throughout the Community.

Furthermore, that interested party argued, the syndicated loan also conferred a benefit to Hynix because the loan itself could not have been granted without the Financial Supervisory Commission's(10) ("FSC") selective waiver of legal lending limits.

The establishment of the European Banking Committee should not rule out other forms of cooperation between the different authorities involved in the regulation and supervision of credit institutions, in particular within the Committee of European Banking Supervisors established by Commission Decision 2004/5/EC(7),

whereas reference must be made in this context to the recommendation of the Council of Europe of 27 June 1980 and to the declaration of principles adopted in December 1988 in Basle by the banking supervisory authorities of the Group of Ten, both of which constitute major steps towards preventing the use of the financial system for money laundering;

Payment of the amounts referred to in paragraph 1 may be made only by bank or postal transfer, to accounts earmarked for such payments the numbers of which shall be communicated to the competent control body and which, in the case of a producer group, must be linked to payments to individual producer group members."

The Banking Advisory Committee of the competent authorities of the Member States does not rule out other forms of cooperation between authorities which supervise the taking up and pursuit of the business of credit institutions and, in particular, cooperation within the "groupe de contact" (contact group) set up between the banking supervisory authorities.

Payment to producer groups of the amounts referred to in paragraphs 1 and 2, and payment of the purchase price to producers by first processors may be made only by bank or postal transfer, to accounts earmarked for such payments the numbers of which shall be communicated to the competent control body and which, in the case of a producer group, must be linked to payments to individual producer group members."

Credit institutions, by virtue of point 5 of Annex I to Directive 2000/12/EC, are already allowed to issue and administer means of payment including electronic money and to carry on such activities Community-wide subject to mutual recognition and to the comprehensive prudential supervisory system applying to them in accordance with the European banking Directives.

The Commission has proposed a Directive modifying, inter alia, Directive 2000/12/EC, Council Directive 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions(4), Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes(5), and Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council(6), to repeal the advisory functions of the Banking Advisory Committee.

Whereas Articles 2(1)(a), Article 2(2), Article 2(3)(b), and Article 2(6) and Article 3(1) and (2) of this Directive and the Annex thereto are in accordance with the work of an international forum of banking supervisors on a refined and in some aspects more stringent supervisory treatment of the credit risks inherent in OTC derivative instruments, in particular the extension of compulsory capital cover to OTC derivative instruments concerning underlyings other than interest and foreign exchange rates and the possibility of taking into account the risk-reducing effects of contractual netting agreements recognised by competent authorities when calculating the capital requirements for the potential future credit risks inherent in OTC derivative instruments;

the improvement and harmonization of supervision and regulation system of banking and financial services,

promote cooperation in order to develop agriculture, fisheries, mining, transport and communication, health, drug abuse control, banking and insurance, tourism and other services,

With reference to the provisions of the Agreement on the European Economic Area dealing with cooperation between supervisory authorities in the field of financial services (banking, UCITS and trade in securities), the Governments of Liechtenstein and Switzerland underline the importance they attach to the principles of secrecy and speciality and state their understanding that information provided by their competent authorities will be treated by the receiving authorities according to those principles.

The Government and the public authorities of Libya and any commercial, industrial or public utility undertaking which is owned or controlled, directly or indirectly, by the Government or public authorities of Libya, or by any person identified by the Member States as acting either on behalf of the Government or Libyan authorities or on behalf of an entity which they control for the purposes of this Regulation, may have at their disposal funds or other financial resources, derived from the sale or supply by them of any petroleum or petroleum products, including natural gas and natural gas products, agricultural products or commodities, originating in Libya and exported therefrom after 1 December 1993, provided that such funds are paid into bank accounts used exclusively for those funds.