Section 23(19)

In paragraph (18), “approved foreign credit institution” means— the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”), a credit institution that is supervised by the central bank or other banking regulator of an OECD state, any credit institution that— is subject to regulation by the banking regulator of a State that is not an OECD state, is required by the law of the country or territory in which it is based to provide audited accounts, has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time), has a surplus of revenue over expenditure for the last two financial years, and has an annual report which is not materially qualified.

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