Regulation (EC) No 25/2009 of the European Central Bank (repealed)Show full title

Article 1 Definitions

For the purpose of this Regulation:

• ‘monetary financial institution’ (MFI) means a resident credit institution as defined in Community law, or another resident financial institution whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for its own account (at least in economic terms), to grant credits and/or make investments in securities. The MFI sector comprises(1): (a) central banks; (b) credit institutions as defined in Article 4(1) of Directive 2006/48/EC (an undertaking whose business is to receive deposits or other repayable funds from the public(2) and to grant credits for its own account or an electronic money institution within the meaning of Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions(3)); and (c) other MFIs, i.e. other resident financial institutions which fulfil the MFI definition, irrespective of the nature of their business. The degree of substitutability between the instruments issued by the latter and the deposits placed with credit institutions determines their classification, provided that they meet the MFI definition in other respects. In the case of collective investment undertakings, MMFs fulfil the agreed conditions for liquidity and are therefore included in the MFI sector (see principles on identification of MFIs in Annex I, Part 1),

• ‘participating Member State’ means a participating Member State as defined in Article 1 of Regulation (EC) No 2533/98,

• ‘non-participating Member State’ means a Member State which has not adopted the euro,

• ‘reporting agent’ means a reporting agent as defined in Article 1 of Regulation (EC) No 2533/98,

• ‘resident’ means resident as defined in Article 1 of Regulation (EC) No 2533/98,

• ‘financial vehicle corporation’ (FVC) means a financial vehicle corporation as defined in Article 1 of Regulation (EC) No 24/2009 (ECB/2008/30),

• ‘securitisation’ means a transaction which is either: (a) a traditional securitisation as defined in Article 4 of Directive 2006/48/EC; and/or (b) a securitisation as defined in Article 1 of Regulation (EC) No 24/2009 (ECB/2008/30), which involves the disposal of the loans being securitised to an FVC,

• ‘electronic money institution’ and ‘electronic money’ mean electronic money institution and electronic money as defined in Article 1(3) of Directive 2000/46/EC,

• ‘write-down’ means the direct reduction of the carrying amount of a loan on the balance sheet due to its impairment,

• ‘servicer’ means an MFI which manages the loans underlying a securitisation on a day-to-day basis in terms of the collection of principal and interest from the obligors, which is then forwarded to investors in the securitisation scheme,

• ‘loan disposal’ means the economic transfer of a loan or pool of loans by the reporting agent to a non-MFI transferee, achieved either by transfer of ownership or by sub-participation,

• ‘loan acquisition’ means the economic transfer of a loan or pool of loans from a non-MFI transferor to the reporting agent, achieved either by transfer of ownership or by sub-participation.

(1)

In the European System of Accounts (ESA 95), financial institutions classified as MFIs are categorised into two subsectors, namely ‘central banks’ (S.121) and ‘other MFIs’ (S.122).

(2)

Including the proceeds arising from the sale of bank bonds to the public.

(3)

OJ L 275, 27.10.2000, p. 39.