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credit institution

    (in accordance with articles 4(1) and 10748 of the BCD):48

      1. (1) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account; or
      1. (2) an electronic money institution within the meaning of the E-Money Directive;

    but so that:48

      1. (3) (except for the purposes of GENPRU, ELM and BIPRU) an institution within (2) that does not have the right to benefit from the mutual recognition arrangements under BCD is excluded; and48
      1. (4) for the purposes of BIPRU 10 (Concentration risk requirements) it means:48
        1. (a) a credit institution as defined by (1) to (2) that has been authorised in an EEA State; or48
        1. (b) any private or public undertaking which meets the definition in (1) - (2) and which has been authorised in a non-EEA state.48

    (see also BCD credit institution, full credit institution, full BCD credit institution and Zone A credit institution.)