CHAPTER 5
Disclosure by credit
institutions
Article
145
1. For the purposes of this
Directive, credit institutions shall publicly disclose the
information laid down in Annex XII, Part 2, subject to the
provisions laid down in Article 146.
2. Recognition by the competent
authorities under Chapter 2, Section 3, Subsections 2 and 3 and
Article 105 of the instruments and methodologies referred to in
Annex XII, Part 3 shall be subject to the public disclosure by
credit institutions of the information laid down
therein.
3. Credit institutions shall
adopt a formal policy to comply with the disclosure requirements
laid down in paragraphs 1 and 2, and have policies for assessing the
appropriateness of their disclosures, including their verification
and frequency.
4. Credit institutions should,
if requested, explain their rating decisions to SMEs and other
corporate applicants for loans, providing an explanation in writing
when asked. Should a voluntary undertaking by the sector in this
regard prove inadequate, national measures shall be adopted. The
administrative costs of the explanation have to be at an appropriate
rate to the size of the loan.
Article 146
1. Notwithstanding Article 145,
credit institutions may omit one or more of the disclosures listed
in Annex XII, Part 2 if the information provided by such disclosures
is not, in the light of the criterion specified in Annex XII, Part
1, point 1, regarded as material.
2. Notwithstanding Article 145,
credit institutions may omit one or more items of information
included in the disclosures listed in Annex XII, Parts 2 and 3 if
those items include information which, in the light of the criteria
specified in Annex XII, Part 1, points 2 and 3, is regarded as
proprietary or confidential.
3. In the exceptional cases
referred to in paragraph 2, the credit institution concerned shall
state in its disclosures the fact that the specific items of
information are not disclosed, the reason for non‑disclosure, and
publish more general information about the subject matter of the
disclosure requirement, except where these are to be classified as
proprietary or confidential under the criteria set out in Annex XII,
Part 1, points 2 and 3.
Article 147
1. Credit institutions shall
publish the disclosures required under Article 145 on an annual
basis at a minimum. Disclosures shall be published as soon as
practicable.
2. Credit institutions shall
also determine whether more frequent publication than is provided
for in paragraph 1 is necessary in the light of the criteria set out
in Annex XII, Part 1, point 4.
Article 148
1. Credit institutions may
determine the appropriate medium, location and means of verification
to comply effectively with the disclosure requirements laid down in
Article 145. To the degree feasible, all disclosures shall be
provided in one medium or location.
2. Equivalent disclosures made
by credit institutions under accounting, listing or other
requirements may be deemed to constitute compliance with Article
145. If disclosures are not included in the financial statements,
credit institutions shall indicate where they can be
found.
Article 149
Notwithstanding Articles 146 to
148, Member States shall empower the competent authorities to
require credit institutions:
(a) to make one or more of the
disclosures referred to in Annex XII, Parts 2 and 3;
(b) to publish one or more
disclosures more frequently than annually, and to set deadlines for
publication;
(c) to use specific media and
locations for disclosures other than the financial statements;
and
(d) to use specific means of
verification for the disclosures not covered by statutory
audit.
