Limit on non-retail funds and borrowing
4.—(1) In section 7(3) of the 1986 Act(1) (limit on non-retail funds and borrowing) for the words “subsection (14)” there shall be substituted the words “subsections (13A) and (14)” and for the words “the prescribed percentage” there shall be substituted the words “50 per cent.”.
(2) After section 7(13) of the 1986 Act there shall be inserted the following subsection—
“(13A) In making any calculation for the purposes of subsection (3) above, there shall be disregarded any liability in respect of anything which, in accordance with any order made under section 45(5), is to be aggregated with reserves for the purpose of the first criterion in section 45(3)(2).”.
(3) Section 7(15) of the 1986 Act (prescribed percentage limit) and the word “(15)” in section 7(17) of that Act are hereby repealed.