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master netting agreement internal models approach

    40one of the following:

      1. (a) the method of calculating the effect of credit risk mitigation described in BIPRU 5.6.16 R to BIPRU 5.6.28 G;
      1. (b) (where the approach in (a) is being applied on a consolidated basis) the method in (a) as applied on a consolidated basis in accordance with BIPRU 8 (Group risk - consolidation); or
      1. (c) when the reference is to the rules of or administered by a regulatory body other than the168 appropriate regulator,168 whatever corresponds to the approach in (a) or (b), as the case may be, under those rules.