Capital resources which may be aggregated with reserves4.

A subordinated debt shall be aggregated under article 3 above only if, under the terms of the instrument governing the debt—

(a)

all payments due from the borrower are to be made in sterling; and

(b)

the debt is only repayable—

(i)

after a specified term of not less than 5 years and one day, or

(ii)

in the case of a debt for which no term is specified, after notice of not less than 5 years and one day by either party,

except (if the instrument so provides) where the Building Societies Commission, or, where an authorised institution has succeeded to the debt, the Bank of England, has agreed to earlier repayment.