Section 7(3) of the Danish Financial Business Act provides as a general rule that credit and saving institutions, which are subject to a licence requirement, have an exclusive right to receive deposits and other repayable funds from the public. (The Act implements Article 3 of the Credit Institution Directive 2000/12/EC (now replaced by Article 5 of Directive 2006/48/EC) into Danish law.)
September 30 2006