(1) In relation to a UK deposit-taker, accepting a deposit is not a core activity unless the deposit is a core deposit.

(2) A deposit is a core deposit if it is held with the UK deposit-taker in a UK account or an EEA account except where one or more of the account holders is -

(a) a relevant financial institution;

(b) a qualifying organisation;

(c) a qualifying group member;

(d) an eligible individual; or

(e) a person who is, or at any time within the previous six months has been, subject to financial sanctions.

(3) In this article -

(a) a reference to an account held with a UK deposit-taker is to an account provided by the institution as part of its activity of accepting deposits;

(b) an account is an EEA account if it was opened at a branch of the UK deposit-taker located in an EEA state;