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The Building Societies (Undated Subordinated Debt) Order 1994
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- UK Statutory Instruments
- 1994 No. 749
- Article 5
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Effect of supervisory authority’s consent to repayment
5.—(1) Where the supervisory authority gives relevant consent to repayment by a society of qualifying subordinated debt the undated loan capital derived from the debt to which such consent relates shall cease to be aggregable with the reserves of the society for the foregoing purposes when such consent is notified to the society whether or not such debt is repaid pursuant to that consent.
(2) For the purposes of this article, “relevant consent” means consent applied for by the borrower otherwise than in consequence of a provision among the issue terms requiring the borrower so to apply or granting a benefit to the borrower for so applying or imposing a sanction against failure by the borrower so to apply.
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