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The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004
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Securitised assets of a subsidiary undertaking and the funding limit
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4.—(1) Section 7(2)(1) of the 1986 Act is modified in its application to liabilities of subsidiary undertakings of a building society as follows.
(2) Where an amount is included in the total liabilities of any subsidiary undertaking that are consolidated in the society’s accounts, in respect of the non-returnable proceeds raised pursuant to a securitisation transaction, that amount shall be disregarded for the purposes of that section if—
(a)the assets securitised by the transaction are loans; and
(b)the terms of the securitisation transaction meet the conditions in article 3(5).
(1)
Section 7 was substituted by the Building Societies Act 1997 and amended by S.I. 2001/2617.
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