19

“promotional entity” means any undertaking or entity—

a

which is established by a government department or devolved administration or by a local authority in any part of the United Kingdom (“the establishing body”);

b

which grants promotional loans or guarantees;

c

whose primary goal is not to make profit or maximise market share, but is to promote public policy objectives of the establishing body; and

d

in relation to which, subject to any applicable rules relating to State aid (as defined in the law of the United Kingdom after exit day)—

i

the establishing body is obliged to protect its economic basis and maintain its viability throughout its lifetime; or

ii

at least 90% of its original capital or funding or the promotional loan it grants is directly or indirectly guaranteed by a government department, a devolved administration or a local authority in any part of the United Kingdom.