1. — First Council Directive 77/780/EEC of 12 December 1977 on the coordination of…

1.

First Council Directive 77/780/EEC of 12 December 1977 on the coordination of the laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions · European Union

The competent authorities may withdraw the authorization issued to a credit institution subject to this Directive or to a branch authorized under Article 4 only where such an institution or branch: (a) does not make use of the authorization within 12 months, expressly renounces the authorization or has ceased to engage in business for more than six months, if the Member State concerned has made no provision for the authorization to lapse in such cases; has obtained the authorization through false statements or any other irregular means; no longer fulfils the conditions under which authorization was granted, with the exception of those in respect of own funds; no longer possesses sufficient own funds or can no longer be relied upon to fulfil its obligations towards its creditors, and in particular no longer provides security for the assets entrusted to it; falls within one of the other cases where national law provides for withdrawal of authorization.

← Article 8 · All articles · (b) →

Source: EUR-Lex (Cellar) · retrieved 2026-11-01 · Text as adopted (Official Journal); later amendments are not incorporated in this text.