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48(in GENPRU and BIPRU) describes a relationship between two or more persons under which one or more of the following applies:

  1. (a) the insolvency or default of one of them is likely to be associated with the insolvency or default of the others;
  2. (b) it would be prudent when assessing the financial condition or creditworthiness of one to consider that of the others; or
  3. (c) there is, or there is likely to be, a close relationship between the financial performance of those persons.