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1. For the purposes of Article 104a of the Treaty, 'financial institutions' means: - credit institutions as defined in the first indent of Article 1 of Directive 77/780/EEC (4), - insurance undertakings as defined in Article 1, point (a) of Directive 92/49/EEC (5), - assurance undertakings as defined in Article 1, point (a) of Directive 92/96/EEC (6), - UCITS as defined in Article 1 (2) of Directive 85/611/EEC (7), - investment firms as defined in Article 1 (2) of Directive 93/22/EEC (8), - other undertakings the activities of which are similar to those of the undertakings referred to in the previous indents or the principal activity of which is to acquire holdings of financial assets or to transform financial claims.

2. The following institutions do not form part of the financial institutions defined in paragraph 1: - the European Central Bank and national central banks, - post office financial services when they form part of the general government sector defined in accordance with the European System of Integrated Economic Accounts or when their main activity is to act as the financial agent of government, and

- the institutions which are part of the general government sector defined in accordance with the European System of Integrated Economic Accounts or the liabilities of which correspond completely to a public debt.