{
  "url": "https://openlegislation.uk/bank-recovery-and-resolution-no-2-order-2014/article-125",
  "json_url": "https://openlegislation.uk/bank-recovery-and-resolution-no-2-order-2014/article-125.json",
  "legislation": "uksi/2014/3348",
  "legislation_title": "The Bank Recovery and Resolution (No. 2) Order 2014",
  "legislation_url": "https://openlegislation.uk/bank-recovery-and-resolution-no-2-order-2014",
  "path": "article/125",
  "kind": "article",
  "number": "125",
  "heading": "Application and interpretation of Chapter 2",
  "text": "(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.\n(2) In this Chapter—\n...\n“group entity” includes an undertaking which is—\n(a)a parent undertaking of the UK parent undertaking; and\n(b)a mixed activity holding company which has at least one subsidiary which—\n(i)is an institution; and\n(ii)is not a subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company;\n“group institution” means—\n(a)the UK parent undertaking, if it is a relevant institution;\n(b)a group subsidiary which is a relevant institution;\n(c)a group entity, other than an institution, which is—\n(i)required under article 139 ... to maintain a minimum requirement for own funds and eligible liabilities; ...\n(ii)...\n(d)where the group resolution plan does not provide for the separate resolution of a subsidiary set up in a third country, that subsidiary if it would be a relevant institution if it were set up in the UK;\n“minimum consolidated requirement” means the requirement for a minimum level of own funds and eligible liabilities of the group institutions , including any transitional minimum consolidated requirement of the group institutions in accordance with article 126(2C) ...;\n“minimum requirement”, in relation to a group institution, means a minimum requirement for own funds and eligible liabilities , including any transitional minimum requirement in accordance with article 135(2C) ...; and\n“netting arrangement”—\n(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);\n(b)...\n(3) “Relevant institution”, in the definition of “group institution”, means an institution which—\n(a) if authorised by the PRA or FCA, is not a mortgage credit institution within the meaning given in Chapter 1; and\n(b) if set up in a country other than the United Kingdom, does not meet criteria which are equivalent in that country to the criteria set out in article 121(2).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in art. 125(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(a); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in art. 125(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(b); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in art. 125(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in art. 125(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(c)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in art. 125(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(c)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in art. 125(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(c)(iii); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in art. 125(2) inserted (1.1.2026) by The Bank Recovery and Resolution (Amendment) Regulations 2025 (S.I. 2025/862), regs. 1(2), 2(4)(a)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in art. 125(2) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 47(a)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in art. 125(2) inserted (1.1.2026) by The Bank Recovery and Resolution (Amendment) Regulations 2025 (S.I. 2025/862), regs. 1(2), 2(4)(b)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in art. 125(2) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 47(b)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in art. 125(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 69(2)(d); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "For the meaning of “resolution” see the recovery and resolution directive, Article 2.1, point (1)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/3348/article/125",
    "retrieved_at": "2026-10-28T23:53:03.627932+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}