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The Building Societies (Designated Capital Resources) (Permanent Interest Bearing Shares) Order 1991

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2.—(1) The increase of the rate of interest for the purposes of an issue of permanent interest bearing shares the issue terms whereof specify a stepped rate, is to be ascertained–

(a)for the purposes of paragraph 1(b)(i) above, by deducting from the rate of interest specified for the period immediately after the increase the rate of interest specified for the period immediately before the increase;

(b)for the purposes of paragraph 1(b)(ii) above, by deducting from the highest rate of interest specified for any part of any period of five years, the lowest rate of interest specified for any other part of that period;

(c)for the purposes of paragraph 1(b)(iii) above, by deducting from the highest rate of interest specified for any period, the lowest rate of interest specified for any other period.

(2) The increase of the margin for the purposes of an issue of permanent bearing shares the issue terms whereof specify a floating rate, being a market rate varied by a margin, is to be ascertained in the manner set out in subparagraph (1) above, save that references to the rate of interest specified shall be read as references to the margin specified.

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