means any financial sector entity which meets the following conditions:
(a) its total assets, calculated on an individual or consolidated basis, are greater than or equal to a EUR 70 billion threshold, using the most recent audited financial statement or consolidated financial statement in order to determine asset size; and
(b) it is, or one of its subsidiaries is, subject to prudential regulation in the United Kingdom or to the laws of a third country which applies prudential supervisory and regulatory requirements at least equivalent to those applied in the United Kingdom