After regulation 47, insert -

"47A. Regulation 19A (institution-specific countercyclical capital buffer and holding companies)

(1) After regulation 19, insert -

"19A. Application of the institution-specific countercyclical capital buffer to holding companies

Where the PRA makes rules under section 192V of FSMA requiring a parent financial holding company or a parent mixed financial holding company (a "holding company") to calculate an institution-specific countercyclical capital buffer -

(a) the buffer rate set by the FPC under regulation 10, or recognised or set under regulation 15, is to apply to the holding company as it applies to a UK institution;

(b) the date set by the FPC for the application -

(i) of a change in the buffer rate under regulation 11, or

(ii) of a buffer rate recognised or set under regulation 15,

is to apply to the holding company as it applies to a UK institution.""