For the purposes of this Directive, the following definitions shall apply:
(1) "credit institution" means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;
(2) "authorisation" means 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" means 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 institution;
(4) "competent authorities" means the national authorities which are empowered by law or regulation to supervise credit institutions;
(5) "financial institution" means an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I;
(6) "institutions"