PART 4Amendment of retained direct EU legislation
CHAPTER 1Amendment of the Capital Requirements Regulation
Article 129 (exposures in the form of covered bonds)123
1
Article 129 (exposures in the form of covered bonds) is amended as follows.
2
In paragraph 1—
a
in the opening words, for “bonds as referred to in Article 52(4) of Directive 2009/65/EC (covered bonds)” substitute “CRR covered bonds”;
b
for point (a) substitute—
a
exposures to or guaranteed by—
i
the central government of the United Kingdom;
ii
the Bank;
iii
a regional government of the United Kingdom; or
iv
a public sector entity or local authority in the United Kingdom;
c
in point (c) for “Union” substitute “United Kingdom”;
d
omit point (d)(ii) and the “or” preceding it;
e
omit point (e);
f
omit point (f)(ii) and the “or” preceding it (but not the words from “Loans secured by commercial immovable property are eligible” and ending with “claims on the collateral”);
g
in the second sub-paragraph for “points (c), (d)(ii) and (f)(ii)” substitute “point (c)”;
h
in the third sub-paragraph—
i
omit “, after consulting EBA,”;
ii
for “Member States concerned” substitute “United Kingdom”.
3
In paragraphs 3 to 7, for “covered bonds” substitute “CRR covered bonds”.
4
In paragraph 5 for “covered bond”, each time it occurs, substitute “CRR covered bonds”.