Article 325b — Permission for consolidated requirements
- Subject to paragraph 2, and only for the purpose of calculating net positions and own funds requirements in accordance with this Title on a consolidated basis, institutions may use positions in one institution or undertaking to offset positions in another institution or undertaking.
- Institutions may apply paragraph 1 only with the permission of the competent authorities which shall be granted if all the following conditions are met:
- Where there are undertakings located in third countries, all the following conditions shall be met in addition to those set out in paragraph 2:
- such undertakings have been authorised in a third country and either satisfy the definition of a credit institution or are recognised third-country investment firms;
- on an individual basis, such undertakings comply with own funds requirements equivalent to those laid down in this Regulation;
- no regulations exist in the third countries in question which might significantly affect the transfer of funds within the group.