Grounds for applying

104.—(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,”, and

(b) in paragraph (b)(i) for “Conditions 1 and 2 in section 7 are met” substitute “Condition 1 in section 7 is met”.