Regulation 4 Amendments to the Building Societies (Accounts and Related Provisions) Regulations 1998

in paragraph 7(1), after “report” insert “prepared by the directors of a society whose annual accounts are Building Societies Act accounts”;

after paragraph 7(1), insert—

“(1A)

The directors’ report prepared by the directors of a society whose annual accounts are IAS accounts shall disclose, in accordance with sub-paragraph (2)—

(a)

free capital as a percentage of the total of the liability items listed in sub-paragraph (1B) as shown in the annual accounts; and

(b)

gross capital as a percentage of the total of the liability items listed in sub-paragraph (1B) as shown in the annual accounts.

(1B)

The liability items are shares, amounts owed to credit institutions, amounts owed to other customers, and debt securities in issue.”;

in paragraph 7(2), for “sub-paragraph (1)” substitute “sub-paragraphs (1) and (1A)”;

in paragraph 8, renumber the existing provision as sub-paragraph (1);

in paragraph 8(1), after “report” insert “prepared by the directors of a society whose annual accounts are Building Societies Act accounts”;

after paragraph 8(1), insert—

“(2)

The directors’ report prepared by the directors of a society whose annual accounts are IAS accounts shall disclose in respect of mortgage accounts of the society and of any subsidiary undertaking twelve or more months in arrears at the balance sheet date—

(a)

the number of such accounts;

(b)

the total amount (before any provision for impairment losses) outstanding on such accounts; and

(c)

the total amount of arrears on such accounts.”.