COORDINATES OF THE CREDIT INSTITUTION ACTIVITY

Abstract

The Emergency Ordinance no. 99 of 6 December 2006, on credit institutions and
capital adequacy, presents the credit institution as "an entity whose business is to attract
deposits or other repayable funds from the public and to grant credits in its own account". The
2006/48/EC Directive of the European Parliament and the European Council, presents the
credit institution as "an undertaking whose business is to receive deposits and other repayable
funds from the public and to grant credits for its own account" definition that seems
appropriate, justified by the fact that, in our opinion, the concept of undertaking is assigned to
those innovative and imaginative companies that produce goods. Since money is a commodity
and economic agents that we call credit institutions produce money by reinventing themselves
every day to keep up with technology, we consider that the idea of “undertaking” formulated
by the 2006/48/EC Directive of the European Parliament and of the European Council is
appropriate and that these credit institutions be hereinafter referred to as undertakings and
therefore enterprises. We believe that the enterprise, in our case, the credit institutions, is a
matter that produces, consumes and trades services in order to achieve positive economic
effects therefore saving and lending are their direct support. Moreover, credit is the source for
financing growth and welfare, therefore the engine of the capitalist economy