Grounds for applying104
1
Section 96 (grounds for applying) is amended as follows.
2
In subsection (2)—
i
in paragraph (a) for “Conditions 1 and 2 in section 7 are met” substitute “Condition 1 in section 7 is met”,
ii
in paragraph (b), before subparagraph (i) insert—
ai
that Condition 2 in section 7 is met,
3
In subsection (3)—
a
for paragraph (a), substitute—
a
the Bank of England has—
i
informed the PRA that it is satisfied that Condition 2 in section 7 is met, and
ii
has consented to the application,
b
in paragraph (b)(i) for “Conditions 1 and 2 in section 7 are met” substitute “Condition 1 in section 7 is met”.