Article 129 (exposures in the form of covered bonds)
This section has no associated Explanatory Memorandum
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”.