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The Building Societies (Supplementary Capital) (Amendment) Order 1996
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- UK Statutory Instruments
- 1996 No. 1606
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order amends the Building Societies (Supplementary Capital) Order 1988 which specifies supplementary capital as a capital resource which building societies may aggregate with their reserves to assess the adequacy of their reserves and other designated capital resources under section 45(3) of the Building Societies Act 1986.
The previous amending order (S.I. 1992/1612) excluded from such aggregation capital issued upon terms providing that the rate of interest payable might increase by more than a specified percentage. For that purpose that amending order set out modes of calculation by reference to market rates with or without a margin. The present order clarifies and extends the categories of rates which may be used as a market rate and permits the substitution in certain circumstances of one market rate for another.
A compliance cost assessment of the effect that this instrument would have on the cost of business is available from the Secretary, Building Societies Commission, 15 Great Marlborough Street, London WIV 2LL.
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