The Bank of England Levy (Amount of Levy Payable) Regulations 2024

Amounts to be deducted when calculating eligible liabilities

14.—(1) The amount of any sterling deposits made by United Kingdom offices of the eligible institution with, and sterling loans made by such offices to, United Kingdom offices of other eligible institutions.

(2) Sub-paragraph (1) includes certificates of deposit and commercial paper which are—

(a) denominated in sterling,

(b) held by United Kingdom offices of the eligible institution, and

(c) issued by United Kingdom offices of other eligible institutions,

but does not include any instrument falling within paragraph 18.

15.  Sterling amounts payable to United Kingdom offices of the eligible institution by United Kingdom offices of any other eligible institution under the terms of any finance lease.

16.  The amount of sterling cheques passed by United Kingdom offices of the eligible institution to United Kingdom offices of other eligible institutions for collection.

17.  The amount of the eligible institution’s claims to receive payments in sterling under retransfer agreements entered into by United Kingdom offices of the eligible institution with United Kingdom officers of other eligible institutions—

(a) for the sale of securities or other assets, or

(b) in return for the transfer by the eligible institution of securities or other assets.

18.—(1) The value of the preference shares, bonds, notes and other similar debt instruments which are denominated and issued by a United Kingdom office of any other eligible institution on terms requiring redemption or repayment not later than five years from the date of issue which are held by United Kingdom offices of the eligible institution for its own account.

(2) Sub-paragraph (1) does not include certificates of deposit and commercial paper, but does include subordinated loan capital not represented by the issue of securities.

19.  60% of the amount of sterling debit items in the course of collection by United Kingdom offices of the eligible institution from any of the following—

(a) the Bank;

(b) any other United Kingdom office of the eligible institution;

(c) a United Kingdom office of any other eligible institution.

20.  The amount by which the eligible institution’s sterling deposit liabilities to non-resident offices exceed the institution’s net sterling liabilities to non-resident offices.