CRR credit institution
CRR-bank (formerly the depository institution ) is in banking , a company that deposits receives or other repayable funds from the public and loans granted for its own account.
History of origin
The term credit institution was previously defined more concretely in Directive 2006/48 / EC . However, it was only through the combination of the KWG and the so-called Banking Directive that it became clear that deposit-taking credit institutions are those credit institutions that only operate the deposit and lending business, since Article 4 (1) of the Banking Directive does not include any other branches of business , such as payment transactions , were called. However, this definition was repealed by Directive 2013/36 / EU (Capital Adequacy Directive) and replaced by Regulation (EU) No. 575/2013 (Capital Adequacy Regulation) (English abbreviation CRR) in Art. 4 Para. 1 Number 1 CRR updated.
The term “CRR credit institution” originated from the Capital Adequacy Ordinance that has been in force in all EU member states since January 2014, which provides for a cumulative legal definition in Article 4 (1) No. 1 CRR . The term "CRR credit institution" is named after the English abbreviation CRR for the Capital Requirements Regulation, was introduced with the CRD IV Implementation Act of August 28, 2013 in Section 1 (3d) KWG and replaces the previous term "Depository Credit Institution ". The term CRR securities company replaces the previous term “securities trading company”. "CRR credit institution" and "CRR investment company" together form the "CRR institute".
Scope of terms
CRR credit institutions are institutions that accept deposits or other repayable monies from the public and grant loans for their own account. You can also conduct other banking transactions . The term `` credit institution '' used in the CRR is not the same as the term `` credit institution '' in the KWG according to Section 1 (1) KWG. To qualify as a credit institution under the KWG, it is sufficient to conduct a single banking transaction from the catalog in section 1 (1) sentence 2 of the KWG. The term is therefore more narrowly defined than the term credit institution according to Section 1 (1) KWG. The definition of the financial services institution in accordance with Section 1 (1a) KWG is also much broader than that of the CRR investment firm. This contradiction is overcome in section 1a (1) of the KWG by extending the application of the regulation's content to the credit institutions originally not covered by the CRR within the meaning of section 1 (1) of the KWG. In addition, the issue is relativized in Germany by the fact that credit institutions with full license are CRR credit institutions.
Business scope
Since, on the one hand, the term credit is comprehensive under banking law (see the legal definition of § 19 KWG for loans in the millions ) and includes the entire credit business in the broadest sense and, on the other hand, the deposit business extends to the most diverse forms of financial investment , it can be assumed that everyone with Credit institutions equipped with a full license , i.e. universal banks and specialist banks , group banks , auto banks or partial payment banks, belong to the CRR credit institutions, provided they also operate the deposit business. In addition, CRR credit institutions operate the banking transactions listed in section 1 (1) no. 1 to 4 of the KWG (section 1 (3d) sentence 4 of the KWG). The resulting range of products justifies an assignment of the CRR credit institutions to the universal banks. Most of the credit institutions approved by BaFin are CRR credit institutions and therefore have a full banking license. Part banking licenses obtained CRR investment firms , e-money institutions and other institutions for the operation of certain banking transactions (specialized banks).
Legal consequences
The ECB is responsible for approving the CRR credit institutions to conduct deposit and lending business. For all other institutes and for all permissions not regulated in the CRR within the meaning of Section 1 KWG, this responsibility remains with BaFin. The ECB's competence is specifically limited to CRR credit institutions (Art. 4 Para. 1a SSM-VO). According to Art. 4 Para. 1d SSM-VO, it is responsible for ensuring compliance with the supervisory requirements with regard to liquidity , compliance with the regulations on the restriction of large exposures and capital requirements (Art. 4 Para. 1e SSM-VO) at CRR credit institutions, since in Art. 2 No. 3 SSM-VO for the term credit institution reference is made to Art. 4 Para. 1 No. 1 CRR.
According to Section 24a (1) KWG, CRR credit institutions based in Germany are allowed to set up branches in the European Economic Area on the basis of the “European passport” without having to apply for a banking license there. A notification to BaFin is required. The reverse is also true for foreign banks in Germany.
Individual evidence
- ^ Schäfer: Commentary on § 1 KWG . Ed .: Boos / Fischer / Schulte Mattler. 5th edition. CH Beck, Munich, ISBN 978-3-406-67863-9 , pp. Marg. 13 .
- ↑ Astrid Wagner / Ralf Hannemann / Thomas Weigl, Ordinance on the Regulatory Requirements for Remuneration Systems of Institutions , 2014, p. 42
- ↑ David Rapp, On the restructuring and reorganization decision of credit institutions , 2014, p. 144 FN 680
- ^ Friedrich Schlimbach, Short Sales , 2015, p. 141
- ↑ BaFin of January 1, 2015, list of approved credit institutions ( memento of the original of December 24, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ BT-Drucksache 18/2575 of September 22, 2014, BRRD Implementation Act , p. 142
- ↑ Regulation (EU) No. 1024/2013 of October 15, 2013 , ABl. L 287, p. 63.
- ↑ BT-Drucksache 18/2575 of September 22, 2014, BRRD Implementation Act , p. 196
