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core concentration risk group counterparty

    108

    (in relation to a firm) a counterparty which is its parent undertaking, its subsidiary undertaking or a subsidiary undertaking of its parent undertaking, provided that (in each case) both the counterparty and the firm are:

      1. (a) included within the scope of consolidation on a full basis with respect to the same UK consolidation group; and
      1. (b) (where relevant) held by one or more intermediate parent undertaking or financial holding company, all of which are incorporated in the United Kingdom.