recognised third country credit institution

        1. a full CRD credit institution that satisfies the following conditions:
          1. (a) its head office is outside the UK;
          1. (b) it is authorised by a third country competent authority in the state or territory in which the credit institution's head office is located; and
          1. (c) that third country competent authority applies prudential and supervisory requirements to that credit institution that are at least equivalent to those applied in the UK.
Glossary Legal Instruments