(34)Credit institutions, in an internal banking market, engage in direct competition with each other, and the definitions and standards pertaining to own funds must therefore be equivalent. To that end, the criteria for determining the composition of own funds must not be left solely to Member States. The adoption of common basic standards will be in the best interests of the Community in that it will prevent distortions of competition and will strengthen the Community banking system.
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New version applies from 20/07/2006 — introduced by Directive 2006/48/EC (CRD).
144 provisions change.
Recital 34 is deleted from 20/07/2006.