Status: You are viewing the version of the handbook as on 2009-03-31.

credit institution

    (1) (except in REC) 52(in accordance with articles 4(1) and 10748 of the BCD):48

      1. 52(a)52 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. 52(b)52 an electronic money institution within the meaning of the E-Money Directive;

    but so that:48

      1. 52(c)52 (except for the purposes of GENPRU, ELM56, BIPRU and IPRU(INV) (in so far as it relates to exempt CAD firms)56) an institution within 81(1)(b)81 that does not have the right to benefit from the mutual recognition arrangements under BCD is excluded; and48
      1. 52(d)52 for the purposes of BIPRU 10 (Concentration risk requirements) it means:48
        1. 52(i)52 a credit institution as defined by (1)(a)81 to 81(1)(b)81 that has been authorised in an EEA State; or48
        1. 52(ii)52 any private or public undertaking which meets the definition in (1)(a)81 - (1)(b)81 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.)

      1. (2) (in REC and in SUP 11 (Controllers and close links) and SUP 16 (Reporting requirements)):5286
        1. (a) a credit institution authorised under the Banking Consolidation Directive; or52
        1. (b) an institution which would satisfy the requirements for authorisation as a credit institution under the Banking Consolidation Directive if it had its registered office (or if it does not have a registered office, its head office) in an EEA State.52