THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community, and in particular Article 54(3)(g) thereof,

Having regard to the proposal from the Commission [OJ No C 130, 1.6.1981, p. 1, OJ No C 83, 24.3.1984, p. 6 and OJ No C 351, 31.12.1985, p. 24.],

Having regard to the opinion of the European Parliament [OJ No C 242, 12.9.1983, p. 33 and OJ No C 163, 10.7.1978, p. 60.],

Having regard to the opinion of the Economic and Social Committee [OJ No C 112, 3.5.1982, p. 60.],

Whereas Council Directive 78/660/EEC of 25 July 1978, based on Article 54(3)(g) of the Treaty, on the annual accounts of certain types of companies [OJ No L 222, 14.8.1978, p. 11.], as last amended by Directive 84/569/EEC [OJ No L 314, 4.12.1984, p. 28.], need not be applied to banks and other financial institutions, hereafter referred to as 'credit institutions', pending subsequent coordination; whereas in view of the central importance of these undertakings in the Community, such coordination is necessary;

Whereas Council Directive 83/349/EEC of 13 June 1983, based on Article 54(3)(g) of the Treaty, on consolidated accounts [OJ No L 193, 18.7.1983, p.1.], provides for derogations for credit institutions only until expiry of the deadline imposed for the application of this Directive; whereas this Directive must therefore also include provisions specific to credit institutions in respect of consolidated accounts;