(8) IWhereas in principle this Directive requires every credit institution to join a deposit-guarantee scheme; whereas the Directives governing the admission of any credit institution which has its head office in a non-member country, and in particular the 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 (1) allow Member States to decide whether and subject to what conditions ...[+++]to permit the branches of such credit institutions to operate within their territories; whereas such branches will not enjoy the freedom to provide services under the second paragraph of Article 59 of the Treaty, nor the right of establishment in Member States other than those in which they are established; whereas, accordingly, a Member State admitting such branches

2. If a credit institution does not comply with the obligations incumbent on it as a member of a Ddeposit G-guarantee Sscheme, the competent authorities which issued its authorization shall be notified and, in collaboration with the guarantee scheme, shall take all appropriate measures including the imposition of sanctions to ensure that the credit institution complies with its obligations.

(27) Deposit Guarantee Schemes in Member States where a credit institution has established branches or where it directly provides services, should inform and repay depositors on behalf of the Scheme in the Member State where the credit institution has been authorised.

2. Where the level and/or scope, including the percentage, of cover offered by the host Member State guarantee scheme exceeds the level and/or scope of cover provided in the Member State in which a credit institution is authorized, the host Member State shall ensure that there is an officially recognized deposit-guarantee scheme within its territory which a branch may join voluntarily in order to supplement the guarantee which its depositors already enjoy by virtue of its membership of its home Member State scheme.

EU export subsidies, export credits, credit guarantees and insurance programmes with repayment periods beyond 180 days will be eliminated by an end date to be agreed Export credits, credit guarantees and insurance programmes with repayment periods below 180 days will be subject to strict disciplines regarding subsidies and any other trade-distorting elements Trade distorting practices with ...[+++]respect to export State Trading Enterprises will also be eliminated Genuine food aid for people in need will obviously continue.

Following the specific amendments agreed by the Commission, the proposal now: - makes clear that a credit institution that also acted as an investment firm could belong to a single compensation scheme as long as the scheme met the requirements of both the deposit-guarantee Directive and the investor compensation Directive - incorporates equivalent clauses to the bank deposit-guarantee Directive concerning the possibility for branches to opt-in to higher levels of compensation in the host country ('top-up'), the regime for branches of firms with their head office in a non-EU country (Member States must ensure home countries schemes offer ...[+++]equivalent cover or oblige branches to join the host country scheme) and the principle that schemes should be financed by investment firms themselves - includes revised definitions of "investment firm" and "branch" which refer to the definitions in the Investment Services Directive and a new definition of "joint investment" - clarifies that authorisation for investment firms is based on the principle of home country control and that no investment firm (other than credit institutions exempted under the deposit-guarantee Directive) could operate unless it participated in an investor compensation scheme - simplifies the definition of when and how the amount of an investor's claim should be determined - makes a specific reference to the exclusion from compensation of any transaction in connection with which there has been a conviction for money-laundering as defined by the Directive on the issue (91/308/EEC) - includes a requirement for continued coverage by the compensation scheme even when a firm's authorisation to operate has been withdrawn (in case it should subsequently transpire that the firm was unable to meet its commitments to investors) - requires the Commission to report on the Directive's operation three years after it is due to be implemented (31.12.96) rather than five years after.