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The Regulated Covered Bonds Regulations 2008, Section 2 is up to date with all changes known to be in force on or before 13 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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2.—(1) [F1In these Regulations, “eligible property” in relation to a mixed asset class bond or programme means any interest in— ]
[F2(a)subject to paragraph (1B), eligible assets specified in and compliant with the requirements contained in [F3Article 129 of the capital requirements regulation];]
(b)loans to a registered social landlord or, in Northern Ireland, to a registered housing association where the loans are secured—
(i)over housing accommodation; or
(ii)by rental income from housing accommodation;
(c)loans to a person (“A”) which provides loans directly to a registered social landlord or, in Northern Ireland, to a registered housing association, where the loans to A are secured directly or indirectly—
(i)over housing accommodation; or
(ii)by rental income from housing accommodation;
(d)loans to a project company of a project which is a public-private partnership project where the loans are secured by payments made by a public body with step-in rights;
(e)loans to a person (“B”) which provides loans directly to a project company of a project which is a public-private partnership project where the loans to B are secured directly or indirectly by payments made by a public body with step-in rights;
[F4(f)other liquid assets.]
[F5(1A) In these Regulations, “eligible property” in relation to a single asset class bond or programme means, subject to paragraph (1B), any interest in eligible assets specified in and compliant with the requirements of one (and only one) of the following classes—
(a)class 1 (public sector assets): eligible assets referred to in subparagraph (a) and (b) of [F6Article 129(1) of the capital requirements regulation], assets referred to in sub-paragraph (b), (c), (d) and (e) of paragraph (1) above and other liquid assets;
(b)class 2 (residential mortgage assets): eligible assets referred to in [F7sub-paragraph (d) and (e) of Article 129(1) of the capital requirements regulation], and liquid assets;
(c)class 3 (commercial mortgage assets): eligible assets referred to in [F8sub-paragraph (f) of Article 129(1) of the capital requirements regulation] and liquid assets.
(1B) Assets in the following categories—
(a)exposures to a body which does not qualify for credit quality step 1 on the credit quality assessment scale set out in [F9Part Three, Title II, Chapter 2 of the capital requirements regulations]; F10...
F10(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
shall not be eligible property for the purposes of paragraph (1)(a) or (1A).]
(2) Eligible property (and any relevant security) must be situated in an EEA state, [F11the United Kingdom,] Switzerland, the United States of America, Japan, Canada, Australia, New Zealand, the Channel Islands or the Isle of Man.
(3) In this regulation—
“the 1996 Act” means the Housing Act 1996 M1;
“the 2001 Act” means the Housing (Scotland) Act 2001 M2;
“housing accommodation”—
in England and Wales, has the meaning given by section 63 of the 1996 Act (minor modifications: Part 1);
in Scotland, has the meaning given by section 111 of the 2001 Act (interpretation); and
in Northern Ireland, has the meaning given by Article 2 of the Housing (Northern Ireland) Order 1981 M3;
“project company” has the meaning given by [F12paragraph 15 of Schedule ZA1 to the 1986 Act or, in Northern Ireland, paragraph 15 of Schedule ZA1 to the 1989 Order;]
“public body” means a body which exercises public functions;
“public-private partnership project” has the meaning given by [F13paragraph 16 of Schedule ZA1 to the 1986 Act or, in Northern Ireland, paragraph 16 of Schedule ZA1 to the 1989 Order;]
“registered housing association” means a body registered as a housing association under Chapter II of Part II of the Housing (Northern Ireland) Order 1992 M4;
“registered social landlord”—
“step-in rights” has the meaning given by [F16paragraph 17 of Schedule ZA1 to the 1986 Act or, in Northern Ireland, paragraph 17 of Schedule ZA1 to the 1989 Order].
(4) Unless otherwise defined, any expression used in this regulation and the [F17capital requirements regulation has the same meaning as in that regulation].
Textual Amendments
F1Words in reg. 2(1) substituted (1.1.2013) by The Regulated Covered Bonds (Amendment) Regulations 2011 (S.I. 2011/2859), regs. 1, 2(3)(a)(i)
F2Reg. 2(1)(a) substituted (1.1.2013) by The Regulated Covered Bonds (Amendment) Regulations 2011 (S.I. 2011/2859), regs. 1, 2(3)(a)(ii)
F3Words in reg. 2(1)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(a)
F4Reg. 2(1)(f) inserted (1.1.2013) by The Regulated Covered Bonds (Amendment) Regulations 2011 (S.I. 2011/2859), regs. 1, 2(3)(a)(iii)
F5Reg. 2(1A)(1B) inserted (1.1.2013) by The Regulated Covered Bonds (Amendment) Regulations 2011 (S.I. 2011/2859), regs. 1, 2(3)(b)
F6Words in reg. 2(1A)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(b)
F7Words in reg. 2(1A)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(c)
F8Words in reg. 2(1A)(c) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(d)
F9Words in reg. 2(1B)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(e)
F10Reg. 2(1B)(b) and word omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 8(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in reg. 2(2) inserted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 8(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in reg. 2(3) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 17(2)(a)
F13Words in reg. 2(3) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 17(2)(b)
F14Words in reg. 2(3) inserted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) (No. 2) Order 2010 (S.I. 2010/671), art. 1(2), Sch. 1 para. 68 (with Sch. 2); S.I. 2010/862, art. 2
F15Words in reg. 2(3) substituted (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 18
F16Words in reg. 2(3) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 17(2)(c)
F17Words in reg. 2(4) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 69(3)(g)
Marginal Citations
M22001 ASP 10.
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