Section 89H(7)

In this section— ... “group” has the meaning given by section 474 of the Companies Act 2006, ... “third-country group company” means an undertaking— which is (or, but for third-country resolution action or the exercise of a stabilisation power, would be) in the same group as a third-country institution or a third-country parent undertaking, and in respect of which any conditions specified in an order made by the Treasury under section 81D are met (applying that order as if references to the bank were references to the third-country institution or third-country parent undertaking), “third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm; “third-country parent undertaking” means a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom; “third-country resolution action” means action under the law of a country or territory outside the United Kingdom to manage the failure or likely failure of a third-country institution or third-country parent undertaking — the anticipated results of which are, in relation to a third-country institution or third-country parent undertaking ..., broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the institution or undertaking, and the objectives of which are broadly comparable, in relation to the country or territory concerned, to the objectives in section 4 as they apply in relation to the United Kingdom; ...

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