Institutions' obligation to provide protection

CRR credit institutions within the meaning of section 1(3d), first sentence of the Banking Act are obliged to protect their deposits, in accordance with this Act, through membership of a deposit guarantee scheme. For the purposes of this Act, domestic branches maintained by undertakings with their seat abroad are also deemed CRR credit institutions, where they conduct at least the deposit business under section 1(1), second sentence, no. 1 of the Banking Act and the lending business under section 1(1), second sentence, no. 2 of the Banking Act.