Points 8 and 9 of Annex 1 to Directive 88/357/EEC shall be replaced by the following:
‘8. Insurance undertakings may hold non-matching assets to cover an amount not exceeding 20 % of their commitments in a particular currency.
(9)
A Member State may provide that when under the preceding procedures a commitment must be covered by assets expressed in a Member State's currency that requirement shall also be considered as satisfied when the assets are expressed in ecus’
.