Council Directive 73/239/EEC is hereby amended as follows:
1. Article 2(2)(d) shall be replaced by the following:
(d) 'pending further coordination, export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer.'
2. In the second subparagraph of Article 7(2)(c), the words 'credit and suretyship insurance' shall be deleted.
3. The following Article shall be inserted:
1. Each Member State shall require undertakings established on its territory and underwriting risks included under class 14 in point A of the Annex (hereinafter referred to as "credit insurance") to set up an equalization reserve for the purpose of offsetting any technical deficit or above-average claims ratio arising in that class for a financial year.
2. The equalization reserve must be calculated, under the rules laid down by each Member State, in accordance with one of the four methods set out in point D of the Annex which shall be regarded as being