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Credit institution

<b>Credit institution</b>


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Credit institution. A "credit institution" is understood as any company whose typical and habitual activity is to receive funds from the public, in the form of a deposit, loan, temporary assignment of financial assets or other similar, which carry the obligation of their restitution, applying them on their own to the granting of credits or operations of a similar nature (Drafted by Law 26/1998 of 29 VII).

Credit institutions are those that meet the requirements to carry out banking activity:

  • Revestir the form of anonymous company constituted by the procedure of simultaneous foundation and the indefinite duration.
  • Have an initial share capital of not less than 18 million euros, paid up entirely in cash and represented by registered shares.
  • Statutorily limit the corporate purpose to the activities of a credit institution.
  • That the shareholders holding significant participations are considered suitable.
  • Do not reserve any special advantage or remuneration for the founders.
  • Have a Board of Directors made up of no less than five members, all of whom shall be persons of recognized commercial and professional honor, and must possess, at least the majority, adequate knowledge and experience to perform their duties. Such good repute, knowledge and experience must also be shared by the general or similar directors of the entity, as well as by the natural persons who represent the legal persons who are directors.
  • Have a good administrative and accounting organization, as well as adequate internal control procedures that guarantee the healthy and productive management of the entity. In particular, the Board of Directors must establish adequate operating rules and procedures to facilitate that all its members can fulfill their obligations at all times and assume the responsibilities that correspond to them in accordance with the regulations of organization and discipline of credit institutions, the Companies Law Anonymous, or other provisions that are applicable.
  • Have its registered office, as well as its effective administration and direction, in national territory.
Terms related to credit institutions
Definition of Credit Entity - Credit Entities - Banks - Savings boxes - Requirements to be a Bank or Credit institution


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