(1) Section 96 (grounds for applying) is amended as follows.
(2) In subsection (2) -
(i) in paragraph (a) for "Conditions 1 and 2 in section 7 are met" substitute "Condition 1 in section 7 is met",
(ii) in paragraph (b), before subparagraph (i) insert -
"(ai) that Condition 2 in section 7 is met,";
(3) In subsection (3) -
(a) for paragraph (a), substitute -
"(a) the Bank of England has -
(i) informed the PRA that it is satisfied that Condition 2 in section 7 is met, and
(ii) has consented to the application,", and
(b) in paragraph (b)(i) for "Conditions 1 and 2 in section 7 are met" substitute "Condition 1 in section 7 is met".