(1) Subject to paragraph (2), where -
(a) relevant capital instruments have been issued by an institution or an entity referred to in Regulation 2(1)(b) to (i),
(b) the institution or entity is a subsidiary established in the State, and
(c) those relevant capital instruments are recognised for the purposes of meeting the own funds requirements, in accordance with Article 92 of the Union Capital Requirements Regulation on an individual basis,
the competent authority shall be responsible for making the determinations referred to in Regulation 95(8).
(2) Where -
(a) relevant capital instruments have been issued by an institution or an entity referred to in Regulation 2(1)(b) to (i),
(b) the institution or entity is a subsidiary established in the State, and
(c) those relevant capital instruments are recognised for the purposes of meeting own funds requirements both on an individual and on a consolidated basis,
then -
(i) the competent authority shall be responsible for making the determin
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