preamble_15

Whereas, however, in certain Member States the introduction of the European unit of account would lead to a reduction in terms of national currency of the amounts expressed in units of account in the Directive ; whereas such a reduction would lead to a corresponding reduction in the protection now given to insured parties by the minimum guarantee fund ; whereas the said amounts should be reviewed every two years ; whereas, as a result of this review, the amounts in question are likely to be amended ; whereas in certain Member States the reduction in the amounts expressed in national currency could, under these conditions, be swiftly followed by a further adjustment in those States ; whereas the implementation of these successive measures would raise difficulties for undertakings and supervisory authorities ; whereas, therefore, these amounts should be kept at the level which they would have reached on the basis of the conversion rate applicable before the introduction of the European unit of account, if this level is higher than that of the European unit of account, until the amounts fixed in Directive 73/239/EEC are reviewed;

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Source: EUR-Lex (Cellar) · retrieved 2026-11-06 · Text as adopted (Official Journal); later amendments are not incorporated in this text.