Banking legislation consolidated

The EU Parliament and EU Council have adopted a directive which consolidates the provisions of the core EU banking directives (these separate directives are repealed by the new directive) into a single piece of legislation. The main aim of enacting the consolidated directive was to render the existing EU banking law framework more accessible and as such there are no substantive changes to the law. Among the directives in question are the First Banking Co-Ordination Directive; the Second Banking Co-Ordination Directive; the Solvency Ratio Directive; the Contractual Netting Directive; the Prudential Supervision Directive; the Own Funds Directive; the Consolidated Supervision Directive; and the Large Exposures Directive. The consolidated legislation came into force on 26 May 2000.