(1) The core deposit level condition is that at any particular time ('T') -

(a) in the case of a UK deposit-taker which is not a member of a group, its average core deposit total is equal to or less than £25 billion;

(b) in the case of a UK deposit-taker which is a member of a group, the sum of the average core deposit totals for each member of the group that is a relevant group member is equal to or less than £25 billion.

(2) For the purpose of paragraph (1)(b) a group member is a relevant group member if -

(a) it is a UK deposit-taker; and

(b) it does not carry out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act.

(3) Subject to article 13, the average core deposit total for a UK deposit-taker is determined as follows -

(a) calculate the total core deposits held by the UK deposit-taker at the end of each quarter in the core deposit calculation period to produce quarterly totals; and