(1) Subject to article 198, the Bank acting jointly with the resolution authorities established in other EEA States in which -
(a) a Union subsidiary or a Union parent undertaking has been set up; or
(b) a significant branch is situated,
must establish a European resolution college in accordance with Article 89 of the recovery and resolution directive (European resolution colleges).
(2) The Bank must co-operate closely with other members of the European resolution college in order to facilitate the performance in relation to the Union subsidiaries and the Union parent undertaking and, so far as relevant, of the significant branches, of functions and tasks equivalent to the functions and tasks which must be performed in relation to a relevant group in accordance with Article 88 of the recovery and resolution directive (resolution colleges).
(3) Paragraph (4) applies where -
(a) there is only one Union parent undertaking and it -
(i) is established in the United Kingdom; and
(ii) ho