BKM402350 | Banking surcharge: definition of banking company: deposit taker condition

CTA10/S269B(5)(a), (6)

The deposit-taker condition is that:

• the entity’s activities include the regulated activity of accepting deposits described in article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI2001/544), and

• it carries on that regulated activity wholly or mainly in the course of trade

The PRA regularly publishes a list (web) of all banks (including UK permanent establishments) and building societies which are authorised to take deposits in the UK.

The PRA list includes the names of banks that are incorporated in the UK, banks incorporated outside the EEA that are authorised to accept deposits in the UK through a branch in the UK , banks incorporated in the EEA that are entitled to accept deposits in the UK while in the Temporary Permissions Regime or while in the Supervised Run Off Regime, or banks incorporated in Gibraltar entitled to accept deposits through a branch in the UK.

Entities on the PRA’s list will normally meet the deposit-taker condition.