Financial Services Ombudsman Inflation indexed loans from credit institutions Money laundering and terrorist financing

Issuing of payment cards which allow the payment service user to transfer funds .

Do particular considerations apply where custody and safekeeping services are provided by credit institutions or investment services firms ?

The benchmark serves as a basis for comparison of the performance of the actual portfolio .

Averaging provision a provision allowing counterparties to fulfil their reserve requirements on the basis of their average reserve holdings over the maintenance period . The averaging provision contributes to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations .

Back testing the analysis of how an investment strategy would have performed if an investor had used it over a specific past period of time . Benchmark in relation to investments , a benchmark is a reference portfolio or index constructed on the basis of the objectives for the liquidity and risk of , as well as the return on , the investments .

EU banks expanded their range of products and services , particularly to retail customers .

( 5 ) Issuing of payment cards which allow the payment service user to transfer funds .

It follows that payment services should preferably be restricted to credit or e money institutions .

The service providing NCB shall grant an unlimited and uncollateralised credit facility to the connected NCB .

CORRESPONDENT BANKING Banks often have arrangements to provide payments and related services to each other primarily for payments across national borders . Such arrangements are referred to as correspondent banking .

CENTRAL BANKS PROVISION OF RETAIL PAYMENT SERVICES IN EURO TO CREDIT INSTITUTIONS

Central banks provision of retail payment services in euro to credit institutions

In this respect , it is worth recalling that payment services performed by credit institutions will be made subject to specific capital requirements as a result of the operational risk attaching to such services ( 9 ) .

provided by credit institutions .

Bearing in mind the importance of microfinance instruments such as credit, savings and related business services in providing access to capital for people living in poverty,

In the European Union , banks and other financial institutions have the right to provide services outside their home countries either directly across borders or by establishing branches or subsidiaries .

Credit institutions have reacted by establishing their own financial services groups , either through direct equity participation in non bank intermediaries or by means of agreements with them . Credit institutions have been able to play a major role in these financial groups , partly as a result of their central role in financial transaction services ( money transmission , securities settlement and administration ) and partly owing to their size and capital strength .

The same may hold true for the activity specified in paragraph 4 of the Annex , if it is ensured that funds received from payment service users to provide payment services cannot be deployed to extend credit to other payment service users .

In particular , banks should present their actual service offerings , so that their customers know what to expect from SEPA . EXECUTIVE S U M M A RY

The PSD will give payment institutions the possibility of offering a broad range of payment services .

Management and support services

Communication efforts aimed at other endusers should be stepped up in 2008 . In particular , banks should present their actual services on offer , so that customers will know what they can expect from SEPA .

SEPA will also offer banks an opportunity to market new , value added services related to the payment chain .

Personal , cultural , and recreational services Audiovisual and related services Other personal , cultural , and recreational services Education services Health services Other Government services , n.i.e. Embassies and consulates Military units and agencies Other government services Memorandum items Audiovisual transactions Postal services Courier services

Postal activities under universal service obligation Other postal and courier activities

Management and central support services

However , this is no disjunctive classification , since there are banks which offer clearing and settlement services to other ( often smaller ) banks , as well as CSMs allowing corporates direct access to their services .

The smooth conduct of policies pursued by the competent authorities relating to prudential supervision of credit institutions and the stability of the financial system implies the need for additional information on credit institutions and related services

Number of credit institutions ( CIs ) Number of domestic mergers and acquisitions ( M and A ) involving CIs Total assets of CIs Total loans of CIs to non CIs Total deposits of CIs from non Cis

Postal and Courier Services ( code 246 ) Comprises Postal Services ( 958 ) and Courier Services ( 959 ) .

These included the revision of the capital adequacy framework for banks and investment firms and the Investment Services Directive .

Credit value date

Credit Card

The current financial crisis is causing more and more banks to focus on their retail business again payment services are at the core of this retail business .

Similarly, Mexico s National Savings and Financial Services Bank has helped to strengthen savings and credit institutions that serve millions of rural residents who would otherwise have been relegated to the margins of the formal financial sector.

Construction in the Compiling Economy ( code 251 ) Comprises construction services provided to residents of the compiling economy by nonresident construction enterprises ( debit ) and the goods and services purchased in the compiling economy by these non resident enterprises ( credit ) .

The supply of credit, in other words, resulted from the demand for credit.

Policy operations used as eligible collateral in Eurosystem credit operations have to fulfil certain common criteria , as laid down in the collateral framework .

Furthermore , the SSSs are interrelated with monetary policy through their role in providing settlement services for collateral eligible in Eurosystem credit operations .

Communication services ( code 245 ) They comprise Postal and Courier Services ( code 246 ) and Telecommunication Services ( code 247 ) .

Computer and information services ( code 262 ) Comprises Computer services ( code 263 ) and Information services ( code 264 ) .

Code

The current financial turmoil is making more banks focus on their retail business again , with payment services standing at the core thereof .

Other business services ( code 268 ) Comprises Merchanting and other trade related services ( code 269 ) , Operational leasing services ( code 272 ) and Miscellaneous business , professional , and technical services ( code 273 ) .