institution are transferred Section 59 Branches of CRR credit institutions which have their registered office in a third country Chapter 6 Provisions concerning administrative fines Section 60 Provisions conceming administrative fines Part 4 Institutional protection schemes and deposit guarantee schemes that are not recognised Section 61 Requirements for schemes that are not recognised Part 5 Concluding provisions Section 62 Section 63 Non-application of the Insurance Supervision Act (Versicherungsaufsichtsgesetz) Transitional provisions Part 1 General provisions Section 1 Institutions' obligation to guarantee deposits CRR credit institutions within the meaning of section 1 (3d) sentence 1 of the Banking Act (Kreditwesengesetz) shall guarantee their deposits as required by this Act through membership of a deposit guarantee scheme. Domestic branches that are maintained by undertakings which have their registered office outside Germany and that at a minimum conduct deposit business in accordance with section 1 (1) sentence 2 number 1 of the Banking Act and lending business in accordance with section 1 (1) sentence 2 number 2 of the Banking Act are also CRR credit institutions within the meaning of this Act. Section 2 Definition of terms (1) Deposit guarantee schemes within the meaning of this Act mean 1 statutory compensation schemes in accordance with section 22 (2) and 2 institutional protection schemes that are recognised as deposit guarantee schemes in accordance with section 43. (2) An institutional protection scheme within the meaning of this Act is a liability arrangement within the meaning of Article 113 (7) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 176 of 27 June 2013, page 1). (3) Deposits within the meaning of this Act mean credit balances, including