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ancillary services undertaking

      1. 116(1) (in accordance with Article 4(21) of the Banking Consolidation Directive (Definitions) for the purpose of GENPRU (except in GENPRU 3) and BIPRU (except in BIPRU 12) 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:
        1. (a) its principal activity consists of:
          1. (i) owning or managing property; or
          1. (ii) managing data-processing services; or
          1. (iii) any other similar activity;
        1. (b) the activity in (a) is ancillary to the principal activity of one or more credit institutions or investment firms; and
        1. (c) those credit institutions or investment firms are also members of that consolidation group, sub-group or group.
      1. (2) (for the purpose of GENPRU 1.3 (Valuation) and INSPRU 6.1 (Group Risk: Insurance Groups) an undertaking in (1) and an .
      1. (3) (except in (1)) has the meaning in article 4(1)(18) of the EU CRR.