foundation IRB approach

23one of the following:

1. (a) (in relation to the sovereign, institutional and corporate IRB exposure class) the approach under the IRB approach, described in BIPRU 4.4 (The IRB approach: Exposures to corporates, institutions and sovereigns) under which a firm uses the values for LGD and conversion factors set out in BIPRU 4.4 rather than supplying its own estimates;
2. (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
3. (c) when the reference is to the rules of or administered by a regulatory body other than the157 appropriate regulator,157 whatever corresponds to the approach in (a) or (b), as the case may be, under those rules.