Disclosures relating to off-balance-sheet arrangements required in notes to accounts72L

1

If in any financial year—

a

a building society is or has been party to arrangements that are not reflected in its balance sheet, and

b

at the balance sheet date the risks or benefits arising from those arrangements are material,

the information required by this section must be given in notes to the society’s annual accounts.

2

The information required is—

a

the nature and business purpose of the arrangements, and

b

the financial impact of the arrangements on the society.

3

The information need only be given to the extent necessary for enabling the financial position of the society to be assessed.

4

Where a building society is required to prepare consolidated group accounts, this section applies in relation to those accounts as if the undertakings included in the consolidation were a single building society.