For the purpose of this Directive:
1. "credit institution" (a) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account; or (b) 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 and prudential supervision of the business of electronic money institutions [OJ L 275, 27.10.2000, p. 39.].;
2. "authorisation" shall mean an instrument issued in any form by the authorities by which the right to carry on the business of a credit institution is granted;
3. "branch" shall mean a place of business which forms a legally dependent part of a credit institution and which carries out directly all or some of the transactions inherent in the business of credit institutions; any number of places of business set up in the same Member State by a credit institution with headquarters in another Member State