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ancillary services undertaking

      1. (1) (in accordance with Article 4(21) of the Banking Consolidation Directive (Definitions) and subject to (2)) and in relation to an undertaking in a consolidation group, sub-group or another group of persons) an undertaking complying with the following conditions:37
        1. (a) its principal activity consists of:37
          1. (i) owning or managing property; or37
          1. (ii) managing data-processing services; or37
          1. (iii) any other similar activity;37
        1. (b) the activity in (a) is ancillary to the principal activity of one or more credit institutions or investment firms; and37
        1. (c) those credit institutions or investment firms are also members of that consolidation group, sub-group or group.37
      1. (2) (for the purpose of GENPRU 1.3 (Valuation) and INSPRU 6.1 (Group Risk: Insurance Groups) an undertaking in (1) and an ancillary insurance services undertaking.37