{
  "url": "https://openlegislation.uk/eu-directive-1986-635/article-37",
  "json_url": "https://openlegislation.uk/eu-directive-1986-635/article-37.json",
  "legislation": "eudr/1986/635",
  "legislation_title": "Council Directive of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (86/635/EEC)",
  "legislation_url": "https://openlegislation.uk/eu-directive-1986-635",
  "path": "article/37",
  "kind": "article",
  "number": "37",
  "heading": null,
  "text": "1. Article 39 of Directive 78/660/EEC shall apply to the valuation of credit institutions' loans and advances, debt securities, shares and other variable-yield securities which are not held as financial fixed assets.\n2. Pending subsequent coordination, however, the Member States may permit:\n(a) loans and advances to credit institutions and customers (Assets items 3 and 4) and debt securities, shares and other variable-yield securities included in Assets items 5 and 6 which are neither held as financial fixed assets as defined in Article 35 (2) nor included in a trading portfolio to be shown at a value lower than that which would result from the application of Article 39 (1) of Directive 78/660/EEC, where that is required by the prudence dictated by the particular risks associated with banking. Nevertheless, the difference between the two values must not be more than 4 % of the total amount of the assets mentioned above after application of the aforementioned Article 39;\n(b) that the lower value resulting from the application of subparagraph (a) be maintained until the credit institution decides to adjust it;\n(c) where a Member State exercises the option provided for in subparagraph (a), neither Article 36 (1) of this Directive nor Article 40 (2) of Directive 78/660/EEC shall apply.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudr/1986/635/article/37",
    "retrieved_at": "2026-11-01T15:23:33.227242+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}