In common parlance, a very broad term that roughly corresponds to the terms bank and, in some cases, financial service provider. – Within the ESCB, the term always refers to an institution as defined in Article 1 of the First EU Banking Coordination Directive (2000/28/EC of 18 September 2000). September 2000), namely an undertaking – whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account (including the proceeds from the sale of bank bonds to the public), or – which issues means of payment in the form of electronic money. – According to the definition in Section 1 of the German Banking Act (Kreditwesengesetz – KWG), credit institutions in Germany are companies that conduct certain banking activities on a commercial basis, provided that the scope of these activities requires a business operation set up in a commercial manner. Section 1 of the KWG primarily lists deposit, lending, discount, securities, custody, investment, guarantee, issuing, cash card, network money (computer money) and giro transactions, as well as the purchase of receivables before maturity. – See bank, financial service provider, financial service institution, financial institution, monetary, institution, investment firm, credit banks. – See ECB Monthly Bulletin, April 1999, p. 47; ECB Monthly Bulletin, January 2012, p. 65 (detailed and explanatory definition of “credit institutions”).
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