Keywords
Summary

Keywords

1. Freedom of movement for persons – Freedom of establishment – Freedom to provide services – Credit institutions – Deposit-guarantee schemes – National rules limiting the functions of the national supervisory authority to the public interest and precluding compensation for damage resulting from defective supervision – Compliance with Directive 94/19 – Condition – Compensation of depositors under the conditions prescribed in the directive

(European Parliament and Council Directive 94/19, Art. 3(2) to (5))

2. Freedom of movement for persons – Freedom of establishment – Freedom to provide services – Credit institutions – Supervision of credit institutions – National rules limiting the functions of the national supervisory authority to the public interest and precluding compensation for damage resulting from defective supervision – Compliance with Directives 77/780, 89/299 and 89/646

(Council Directives 77/780, 89/299 and 89/646)

Summary

1. If the compensation of depositors prescribed by Directive 94/19 on deposit-guarantee schemes is ensured, Article 3(2) to (5) of that directive cannot be interpreted as precluding a national rule to the effect that the functions of the national authority responsible for supervising credit institutions are to be fulfilled only in the public interest, which under national law precludes individuals from claiming compensation for damage resulting from defective supervision on the part of that authority.

The purpose of those provisions is to guarantee to depositors that the credit institution in which they make their deposits belongs to a deposit-guarantee scheme, in order to ensure protection of their right to compensation in the event that their deposits are unavailable, in accordance with the rules laid down in that directive, and they thus relate only to the introduction and proper functioning of the deposit-guarantee scheme as provided for by the directive. On the other hand, and if that compensation is ensured, those provisions do not confer on depositors a right to have the competent authorities take supervisory measures in their interest.

(see paras 29-30, 32, operative part 1)

2. First Directive 77/780 on the coordination of the laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions, Directive 89/299 on the own funds of credit institutions and Second Directive 89/646 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions do not preclude a national rule to the effect that the functions of the national authority responsible for supervising credit institutions are to be fulfilled only in the public interest, which under national law precludes individuals from claiming compensation for damage resulting from defective supervision on the part of that authority.

Although the directives in question impose on the national authorities a number of supervisory obligations vis-à-vis credit institutions, it does not necessarily follow from that, or from the fact that the objectives pursued by those directives also include the protection of depositors, that those directives seek to confer rights on depositors in the event that their deposits are unavailable as a result of defective supervision on the part of the competent national authorities.

(see paras 39-40, 47, operative part 2)