CRD Welcome Package

"assigned capital" means the net assets derived from the funds of a foreign financial institution which it is required to keep during the term of its licence in accordance with prudential standards issued by the Central Bank;

"bank" means any licensed financial institution whose operations include the acceptance of deposits subject to the transfer by the depositor by cheque;

"banking business" means: (a)

the business of receiving funds through (i)

the acceptance of monetary deposits which are repayable on demand or after notice or any similar operation; the frequent sale or placement of bonds, certificates, notes or other securities,

(ii)

and the use of such funds either in whole or in part for extensions of credit or investment for the account and at the risk of the person doing such business;

(b)

any other activity recognised by the Central Bank as banking practice and which a licensed financial institution may additionally be authorised to do;

"board" means the board of directors responsible for the management of a licensed financial institution;

"borrower group" means: (a)

a family group comprising an individual and that individual’s relative where each member of the group is substantially dependent upon the same income sources; (b) a company in which the family group indicated in paragraph (a) has control; (c) a group of companies which is under a common control;

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