Article 1

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 · European Union

For the purposes of this Directive: - "credit institution" means an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account, "authorization" means an instrument issued in any form by the authorities by which the right to carry on the business of a credit institution is granted, "branch" means a place of business which forms a legally dependent part of a credit institution and which conducts directly all or some of the operations inherent in the business of credit institutions ; any number of branches set up in the same Member State by a credit institution having its head office in another Member State shall be regarded as a single branch, without prejudice to Article 4 (1), "own funds" means the credit institution's own capital, including items which may be treated as capital under national rules.

← preamble_24 · All articles · art_1__para →

Source: EUR-Lex (Cellar) · retrieved 2026-11-01 · Text as adopted (Official Journal); later amendments are not incorporated in this text.