Section 81AA(3)

For the purposes of subsection (2)(c)— the first requirement is that— the appropriate authority is satisfied that Condition 1 in section 7 is met in relation to the banking group company, and the Bank of England is satisfied that Conditions 2, 3 and 4 of that section are met in relation to that company; the second requirement is that— where the parent institution is a bank, the PRA is satisfied that Condition 1 in section 7 is met, and the Bank of England is satisfied that Conditions 2, 3 and 4 in that section are met in relation to the parent institution, ... and where the parent institution is a third-country institution, subsection (7) applies in relation to the banking group company by reason of that third country institution.

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Source: legislation.gov.uk · retrieved 2026-09-04