Regulation 10 Disclosures in relation to financial instruments

In Schedule 8 (directors' report), after paragraph 10 (new activities) insert—

“Financial risk management objectives and policies

11.

The directors' report shall contain, in relation to the use of financial instruments by the society and by any subsidiary undertaking, and where material for the assessment of the society’s or (as the case may be) group’s assets, liabilities, financial position and profit or loss—

(a)

the financial risk management objectives and policies of the society or (where applicable) the group, including the policy for hedging each major type of forecasted transaction for which hedge accounting is used, and

(b)

the exposure of the society or (where applicable) of the group to price risk, credit risk, liquidity risk and cash flow risk.”.