Recital 1

(1)Council Directive 73/183/EEC of 28 June 1973 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of self-employed activities of banks and other financial institutions(3), 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(4), Council Directive 89/299/EEC of 17 April 1989 on the own funds of credit institutions(5), second Council Directive 89/646/EEC of 15 December 1989 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions(6), Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions(7), Council Directive 92/30/EEC of 6 April 1992 on the supervision of credit institutions on a consolidated basis(8), and Council Directive 92/121/EEC of 21 December 1992 on the monitoring and control of large exposures of credit institutions(9) have been frequently and substantially amended. For reasons of clarity and rationality, the said Directives therefore, should be codified and combined in a single text.