in 2000, seven banking directives and their amending directives were replaced by one single banking directive (2000/12/ec), which aimed to improve the clarity and transparency of the eu legislation and to create a kind of "european banking act". the adoption of the basel ii guidelines in 2004 was followed at eu level by a recast of the banking directive on the one hand (directive 2006/48/ec) and the capital adequacy directive (directive 93/6/eec) on the other hand (directive 2006/49/ec). these two directives were officially adopted on 14 june 2006 and published in the official journal on 30 june 2006. both directives entered into force on 20 july 2006.