Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to a BRRD undertaking which is:

1. (1) a CRR firm;
2. (2) a financial holding company;
3. (3) a mixed financial holding company; or
4. (4) a mixed activity holding company which has at least one subsidiary which is an institution which is not the subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company.

1.2

In this Part, the following definitions shall apply:

eligible deposit

has the meaning given in point 4 of Article 2(1) of Directive 2014/49/EU.

excluded deposit

means

1. (1) an eligible deposit from natural persons and micro, small and medium-sized enterprises; or
2. (2) a deposit that would be an eligible deposits from natural persons or micro, small and medium-sized enterprises if the deposit had not been made through a branch of the firm located in a third country.

excluded liability

has the meaning given in section 48B(7A)(a) of the Banking Act 2009.

liability

means any debt or liability to which the BRRD undertaking is subject, whether it is present or future, certain or contingent, ascertained or sounding only in damages.

mandatory reduction provision

has the meaning give in section 6B(2) of the Banking Act 2009.

micro, small and medium-sized enterprises

means micro, small and medium-sized enterprises as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission Recommendation 2003/361/EC.

special bail-in provision

has the meaning given in section 48B(1) of the Banking Act 2009.

1.3

Unless otherwise defined, any italicised expression used in this Part and in the CRR has the same meaning as in the CRR.