The Bank Recovery and Resolution (No. 2) Order 2014

Application and interpretation of Chapter 4

133.—(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.

(2) In this Chapter—

“four month period”, “group entity” and “minimum requirement” have the same meaning for the relevant group as they have for a relevant group in Chapter 2;

“group institution” means a UK institution or a non-UK institution;

“minimum consolidated requirement” means the minimum consolidated requirement (within the meaning given in Chapter 2) which is determined for the relevant group;

“netting arrangement” has the same meaning as in Chapter 2;

“non-UK institution” means—

(a)

the EEA parent undertaking, if it is a relevant institution set up in another EEA State;

(b)

a group subsidiary which is a relevant institution set up in another EEA State;

(c)

a group entity, other than an institution, which is required by a resolution authority other than the Bank to maintain a minimum requirement for own funds and eligible liabilities; and

“UK institution” means—

(a)

the EEA parent undertaking, if it is a relevant institution authorised by the PRA or FCA;

(b)

a group subsidiary which is a relevant institution authorised by the PRA or FCA.