VaR model approach

one of the following:

1. (a) the approach to calculating part of the market risk capital requirement set out in BIPRU 7.10 (Use of a value at risk model);
1. (b) (where the approach in (a) is being applied on a consolidated basis) the method in (a) as applied on a consolidated basis in accordance with BIPRU 8 (Group risk - consolidation); or
1. (c) when the reference is to the rules of or administered by a regulatory body other than the appropriate regulator, whatever corresponds to the approach in (a) or (b), as the case may be, under those rules.