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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 19 December 2002 - onwards
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Article 5

Repealed from 19 December 2002

For the purposes of this Directive:

(a) "unit of account" means the European unit of account (EUA) as defined by Article 10 of the Financial Regulation of 21 December 1977 applicable to the general budget of the European Communities [OJ No L 356, 31. 12. 1977, p. 1.,]; wherever this Directive refers to the unit of account, the conversion value in national currency to be adopted shall as from 31 December of each year be that of the last day of the preceding month of October for which EUA conversion values are available in all the Community currencies;

(b) "matching assets" means the representation of underwriting liabilities which can be required to be met in a particular currency by assets expressed or realisable in the same currency;

(c) "localization of assets" means the existence of assets, whether movable or immovable, within a Member State but shall not be construed as involving a requirement that movable assets be deposited or that immovable assets be subjected to restrictiv

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