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.