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The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012
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- UK Statutory Instruments
- 2012 No. 265
- Regulation 4
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Credit arrangements
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4.—(1) Before regulation 3 (liabilities that do not arise from capital expenditure) and the sub part heading “Transactions which are not credit arrangements”, insert—
“TRANSACTIONS WHICH ARE CREDIT ARRANGEMENTS
Securitisation transactions
2A. A securitisation transaction must be treated as a transaction falling within section 7(2)(a).”.
(2) In regulation 3(2), for the words “fixed asset”, substitute “non-current asset which is not a financial asset”.
(3) For regulation 6 (calculation of cost of credit arrangements), substitute—
“6. For the purposes of section 8(2) (entry into a credit arrangement or variation to be treated as the borrowing of an amount equal to the cost of the arrangement or variation), the cost of a credit arrangement or variation of a credit arrangement is—
(a)in the case of a securitisation transaction, an amount equal to the value of the consideration received by the authority as a result of that transaction, or
(b)in all other cases, the amount of the liability in respect of that arrangement or variation which is shown, in accordance with proper practices, in the authority’s accounts.”.
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