The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020

Interpretation

113.  Section 387A (financial institutions and their non-preferential debts)(1) applies as if in subsection (3)—

(a) in paragraph (a), for “neither secondary non-preferential debts nor tertiary non-preferential debts” there were substituted “not secondary non-preferential debts, tertiary non-preferential debts or quaternary non-preferential debts”;

(b) in paragraph (b), the final “and” were omitted;

(c) for paragraph (c) there were substituted—

“(c) “tertiary non-preferential debts” means subordinated debts that are not quaternary non-preferential debts, and

(d) “quaternary non-preferential debts” means debts under instruments the whole or part of which constitute Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments (all within the meaning of Part 1 of the Banking Act 2009).”.

(1)

Section 387A was inserted by S.I. 2018/1244.