Credit Institution

From Open Risk Manual

Definition

Credit Institution. An undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account, and to which authorisation has been granted to operate within the European Union and European Economic Area countries (EEA)[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
  • an electronic money institution within the meaning of Directive 2000/46/EC (1);

Context

Credit institutions are regulated entities and generally require a wikipedia:Banking license to operate

See Also


References

  1. Directive 2006/48/EC Of the European Parliament and of the Council

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with or correctly interprets the concepts covered by the FIBO ontology.

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