Article 125 Application and interpretation of Chapter 2

This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.

In this Chapter—

• F1...

• “group entity” includes an undertaking which is—

  1. (a)

     a parent undertaking of the F2UK parent undertaking; and

  2. (b)

     a mixed activity holding company which has at least one subsidiary which—

     1. (i)

        is an institution; and

     2. (ii)

        is not a subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company;

• “group institution” means—

  1. (a)

     the F3UK parent undertaking, if it is a relevant institution;

  2. (b)

     a group subsidiary which is a relevant institution;

  3. (c)

     a group entity, other than an institution, which is—

     1. (i)

        required under article 139 F4... to maintain a minimum requirement for own funds and eligible liabilities; ...

     2. (ii)

        F5...

  4. (d)

     where the group resolution plan does not provide for the separate resolution M1 of a subsidiary set up in a third country, that subsidiary if it would be a relevant institution if it were set up in F6the UK;

• “minimum consolidated requirement” means the requirement for a minimum level of own funds and eligible liabilities of the group institutions F7, including any transitional minimum consolidated requirement of the group institutions in accordance with article 126(2C) F8...;

• “minimum requirement”, in relation to a group institution, means a minimum requirement for own funds and eligible liabilities F9, including any transitional minimum requirement in accordance with article 135(2C) F10...; and

• “netting arrangement”—

  1. (a)

     in relation to an institution authorised by the PRA or FCA, means a title transfer collateral arrangement, set-off arrangement or netting arrangement (within the meaning given by section 48(1)(b), (c) and (d) of the Banking Act 2009);

  2. (b)

     F11...

“Relevant institution”, in the definition of “group institution”, means an institution which—