a figure of speech in the sense that they are not anything even vaguely resembling the kind of passport that a traveller would need to move from one country to another.
They are in effect simply decisions authorising a financial institution to provide some types of financial services. Companies don't "travel around with a passport in their pockect", as far as I know ...
Same as a "building permit" is just a decision delivered on ordinary paper and recorded in a register, nothing comparable to a "driving permit" that a driver would keep in his pocket.
These more accurately described "licences to provide [specified financial services] anywhere in EU" are certainly
very real - but calling them "passports"
IS a figure of speech.
BTW that one is a very good reference
https://www.bba.org.uk/wp-content/uploads/2016/12/webversion...