26. After subsection (6) of section 9 of the Banking Act (grant and refusal of authorisation) there shall be inserted the following subsection—
“(7) Before granting an authorisation to a credit institution incorporated in or formed under the law of any part of the United Kingdom which is—
(a)a subsidiary undertaking;
(b)a subsidiary undertaking of the parent undertaking; or
(c)controlled by the parent controller,
of a credit institution which is for the time being authorised to act as such an institution by the relevant supervisory authority in another member State, the Bank shall consult that authority.”