Holdings of securities
23.—(1) For the purposes of these Regulations, securities held by United Kingdom offices of an eligible institution—
(a)include any security which the institution is required to purchase, or accept a transfer of, under a retransfer agreement entered into by any such office, and
(b)exclude any security which the institution is required to sell or transfer under such an agreement.
(2) In sub-paragraph (1), where the retransfer agreement provides for the purchase or transfer of equivalent securities, references to any security are references to the amount of any security which—
(a)are of a type which may be sold or transferred under that agreement, and
(b)the eligible institution is required under the agreement—
(i)to purchase, or accept a transfer of, or
(ii)to sell or transfer.