Definition: Credit institution
1 - A credit institution is an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account. Each credit institution shall be entered in a list which the Commission shall publish in the Official Journal of the European Communities and shall keep up to date.
(Source: European Union, First Council Directive 77/780/EEC of 12 December 1977)
2 - Means:
(a) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account; or
(b) an electronic money institution within the meaning of Directive 2000/46/EC.
(Source: Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006)
Source:
European Union, First Council Directive 77/780/EEC of 12 December 1977 on the coordination of the laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (Official Journal of the European Communities No L 322, 17/12/1977, p. 30), Articles 1 and 3 (7)
Created:
Updated: