Paragraph 3

In Asset item 1 of Parts I and II above—

(a)

there shall be included in item 1(a)—

(i)

cash, and

(ii)

deposits (not being marketable securities) with the Bank of England or any Banking Act authorised institution,

(b)

there shall be included in item 1(b)—

(i)

marketable securities issued in the United Kingdom by Her Majesty’s Government, and

(ii)

marketable securities issued in the United Kingdom in respect of which the obligations of the issuer as to payment are guaranteed by Her Majesty’s Government, and

(c)

there shall be included in item 1(c) all liquid assets other than those included in item 1(a) or (b), and within item 1(c)—

(i)

any asset which represents a liability of, or comprises a security issued by, Her Majesty’s Government, a Government Department, a relevant authority or any other body exercising statutory functions shall be included in item 1(c)(i), and

(ii)

any asset which comprises a security issued by a nationalised industry or otherwise does not fall to be included in item 1(c)(i) shall be included in item 1(c)(ii),

and for the purposes of this paragraph the expressions “cash”, “deposit”, “marketable security”, “Banking Act authorised institution” and “relevant authority” have the meanings which they have for the purposes of the Building Societies (Liquid Asset) Regulations 1987^f1.

Annotations

Footnotes

f1: S.I. 1987/1499.