ECB/2013/33 › Article 1

Article 1 Definitions

official text, verbatim

Definitions

For the purpose of this Regulation:

(a)

‘monetary financial institution’ (MFI) means a resident undertaking that belongs to any of the following sectors:

(a)(1)

central banks; and

(a)(2)

other MFIs, which comprise

(a)(2)(a)

deposit-taking corporations:

(a)(2)(a)(i)

credit institutions as defined in Article 4(1)(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms ( 1 ), and

(a)(2)(a)(ii)

deposit-taking corporations other than credit institutions which are:

(a)(2)(a)(ii)—

other financial institutions which are principally engaged in financial intermediation and whose business is to receive deposits and/or close substitutes for deposits from institutional units, not only from MFIs (the degree of substitutability between the instruments issued by other MFIs and the deposits placed with credit institutions shall determine their classification as MFIs); and for their own account, at least in economic terms, to grant loans and/or make investments in securities, or

electronic money institutions that are principally engaged in financial intermediation in the form of issuing electronic money; or

(a)(2)(b)

money market funds (MMFs) pursuant to Article 2;

(b)

‘reporting agent’ and ‘resident’ have the same meaning as defined in Article 1 of Regulation (EC) No 2533/98;

(c)

‘relevant NCB’ means the NCB of the euro area Member State in which the MFI is resident;

(d)

‘financial vehicle corporation (FVC)’ has the same meaning as defined in Article 1 of Regulation (EU) No 1075/2013 (ECB/2013/40);

(e)

‘securitisation’ means a transaction that is either: (a) a traditional securitisation as defined in Article 4 of Regulation (EU) No 575/2013; and/or (b) a securitisation as defined in Article 1 of Regulation (EU) No 1075/2013 (ECB/2013/40), which involves the disposal of the loans being securitised to an FVC;

(f)

‘electronic money institution’ and ‘electronic money’ have the same meaning as defined in Article 2(1) and (2) of Directive 2009/110/EC of the European Parliament and of the Council ( 2 );

(g)

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

(h)

‘write-off’ means a write-down of the full carrying amount of a loan leading to its removal from the balance sheet;

(i)

‘servicer’ means an MFI which manages loans underlying a securitisation or loans that have otherwise been transferred in terms of the collection of principal and interest from the obligors;

(j)

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

(k)

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

(l)

‘intra-group positions’ mean positions between euro area deposit-taking corporations that belong to the same group, consisting of a parent and all its directly or indirectly controlled euro area resident group-members;

(m)

‘tail institution’ means a small MFI that has been granted a derogation pursuant to Article 9(1);

(n)

‘derecognition’ means the removal of a loan or part thereof from the stocks reported in accordance with Parts 2 and 3 of Annex I, including its removal due to the application of a derogation referred to in Article 9(4).