Banking business

(P591/08) including the following:

  1. receiving funds from the public as deposit through means that the National Bank has declared to be an authorized manner of receiving funds;
  2. under the account and risk of the person undertaking banking business to use the funds referred to under paragraph (a) of this Sub-Article, in whole or in part, for loans, investments and for purposes that the National Bank has declared to be appropriate;
  3. the buying and selling of gold and silver bullion and foreign exchange;
  4. the transfer of funds to other domestic and foreign persons in the name of the banks themselves or their customers;
  5. the discounting and negotiation of promissory notes, drafts, bills of exchange and other evidence of debt;
  6. any other activity recognized as customary banking business, which a bank engaging in the activities described from paragraphs (a) to (f) of this sub-article is authorized to undertake by the National Bank

(P592/08) means any business that consists of the following activities:

  1. receiving funds from the public through means that the National Bank has declared to be an authorized manner of receiving funds;
  2. using the funds referred to under paragraph (a) of this sub-article, in whole or in part, for the account and at the risk of the person undertaking banking business, for loans or investments in a manner acceptable by the National Bank;
  3. the buying and selling of gold and silver bullion and foreign exchange;
  4. the transfer of funds to other local and foreign persons on behalf of the banks themselves or their customers;
  5. the discounting and negotiation of promissory notes, drafts, bills of exchange and other evidence of debt;
  6. any other activity recognized as customary banking business, which a bank engaged in the activities described from paragraph (a) to (e) of this sub-article may be authorized to undertake by the National Bank

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