For the purpose of this Directive:
1. "credit institution" shall mean a credit institution as defined in the first indent of Article 1 of Directive 77/780/EEC;
2. "authorization" shall mean authorization as defined in the second indent of Article 1 of Directive 77/780/EEC;
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 shall be regarded as a single branch;
4. "own funds" shall mean own funds as defined in Directive 89/299/EEC;
5. "competent authorities" the national authorities which are empowered by law or regulation to supervise credit institutions;
6. "financial institution" shall mean an undertaking other than a credit institution the principal activity of which is to acquire holdi