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The Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 874
- Regulation 3
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Amendment of Part 4 (chargeable equity and liabilities)
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3. In paragraph 31, for sub-paragraph (4) substitute—
“(4) Securities are “high quality” if—
(a)they are debt securities issued by—
(i)the European Central Bank, a member State’s central bank or the central government of a member State,
(ii)the central bank of a country (other than a member State) where the exposure to the bank is assigned a credit assessment of at least credit quality step 1, as provided by Article 10(1)(b)(ii) of Commission Regulation 2015/61, or
(iii)the central government of a country (other than a member State) where the government is assigned a credit assessment of at least credit quality step 1, as provided by Article 10(1)(c)(ii) of Commission Regulation 2015/61, or
(b)they are securities, including debt securities, issued by the multinational development banks or the international organisations described in Article 10(1)(g) of Commission Regulation 2015/61.”.
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