Article 2 Circumstances in which accepting a deposit is not a core activity

(1)

In relation to a UK deposit-taker, accepting a deposit is not a core activity unless the deposit is a core deposit.

(2)

A deposit is a core deposit if it is held with the UK deposit-taker in an EEA account except where one or more of the account holders is—

(a)

a relevant financial institution;

(b)

a qualifying organisation;

(c)

a qualifying group member; or

(d)

an eligible individual.

(3)

In this article—

(a)

a reference to an account held with a UK deposit-taker is to an account provided by the institution as part of its activity of accepting deposits;

(b)

an account is an EEA account if it was opened at a branch of the UK deposit-taker located in an EEA state;

(c)

“branch” means a place of business that forms a legally dependent part of the UK deposit-taker and conducts directly all or some of the operations inherent in its business;

(d)

“relevant financial institution” has the meaning given in the excluded activities and prohibitions order.