master netting agreement internal models approach

40one of the following:

1. (a) the method of calculating the effect of credit risk mitigation described in BIPRU 5.6.16 R to BIPRU 5.6.28 G;
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 the172 appropriate regulator,172 whatever corresponds to the approach in (a) or (b), as the case may be, under those rules.