SCHEDULE 11ATRANSFERABLE SECURITIES
PART 2
8
(1)
Non-equity transferable securities, issued in a continuous or repeated manner by a credit institution, which satisfy the conditions in sub-paragraph (2).
(2)
The conditions are—
(a)
that the total consideration of the offer is less than 50,000,000 euros (or an equivalent amount); and
(b)
those mentioned in paragraph 5(2)(a) and (b).
(3)
In determining whether sub-paragraph (2)(a) is satisfied in relation to an offer (“offer A”), offer A is to be taken together with any other offer of transferable securities of the same class made by the same person which—
(a)
was open at any time within the period of 12 months ending with the date on which offer A is first made; and
(b)
had previously satisfied sub-paragraph (2)(a).
(4)
For the purposes of this paragraph, an amount (in relation to an amount denominated in euros) is an “equivalent amount” if it is an amount of equal value denominated wholly or partly in another currency or unit of account.
(5)
The equivalent is to be calculated at the latest practicable date before (but in any event not more than 3 working days before) the date on which the offer is first made.
(6)
“Credit institution” means a credit institution as defined in F1Article 4(1)(a) of the banking consolidation directive.