(1) The following conditions are specified for the purposes of section 81D(1) of the Banking Act 2009.

(2) Subject to paragraphs (3) and (4), the undertaking must be -

(a) a subsidiary of the bank;

(b) a parent of the bank; or

(c) a group subsidiary.

(3) Where the bank is a subsidiary of a mixed activity holding company ("the MAHC") and of a financial holding company which is also a subsidiary of the MAHC -

(a) the MAHC is not a parent for the purposes of paragraph (2)(b); and

(b) a group subsidiary which is a subsidiary of the MAHC is not a group subsidiary for the purposes of paragraph (2)(c) unless it is -

(i) a financial institution; or

(ii) a subsidiary of a financial institution which is also a subsidiary of the MAHC.