869Sale and repurchase of securitiesU.K.
This section has no associated Explanatory Notes
(1)An investment is not a relevant investment if it is a loan which is treated as made to a building society by virtue of section 607 (treatment of price differences under repos).
(2)An investment is not a relevant investment if it is an amount of cash which is—
(a)received by a building society in connection with a repo in circumstances where section 607 applies, and
(b)required as a result of a variation in the value of the securities in respect of which the repo is made as security for performance by the parties to the repo of their obligations under it.
(3)In this section “repo” has the same meaning as in Part 11 (see section 569).