{
  "url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1992/schedule-2/part-III/paragraph-3",
  "json_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1992/schedule-2/part-III/paragraph-3.json",
  "legislation": "uksi/1992/359",
  "legislation_title": "The Building Societies (Accounts and Related Provisions) Regulations 1992",
  "legislation_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1992",
  "path": "schedule/2/part/III/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) This paragraph applies to Asset item 1 of Parts I and II of this Schedule.\n(2) There shall be included in Asset item 1(a)—\n(a) banknotes or coinage of any country or territory;\n(b) deposits with the Bank of England which may be withdrawn without notice; all other claims on the Bank of England or the Central Banks of other member States of the European Community, Canada, Japan, Sweden, Switzerland and the United States of America shall be included in item 1(c).\n(3) There shall be included in Asset item 1(b)(i) Treasury bills and similar debt instruments issued by public bodies which are eligible for refinancing with the Bank of England. Any Treasury bills or similar debt instruments not so eligible shall be included under Asset item 1(b)(ii).\n(4) There shall be included in Asset item 1(b)(ii) all bills held as liquid assets that have been purchased to the extent that they are eligible for refinancing with the Bank of England.\n(5) There shall be included in Asset item 1(c) all deposits with, but excluding any debt securities issued or guaranteed by, any credit institution authorised by the competent authorities of a Member State of the European Community.\n6). (a) Asset item 1(d) shall comprise transferable debt securities issued or guaranteed by any credit institution authorised by the competent authorities of a Member State of the European Community, or by other undertakings or public bodies.\n(b) Debt securities issued by public bodies shall however, only be included in this item if they may not be shown under Asset item 1(b).\n(c) Where a society holds its own debt securities these shall not be included under this item but shall be deducted from the appropriate liabilities item.\n(d) Securities bearing interest rates that vary in accordance with specific factors, for example the interest rate on the inter-bank market or on the Euromarket, shall also be regarded as debt securities to be included under this item.\n(7) There shall be included in Asset item 1(d)(i) any asset which represents a liability of, or comprises a debt security issued by any of the following—\n(a) the Governments of European Community Member States, Canada, Japan, Sweden, Switzerland or the United States of America;\n(b) issuers whose obligations as to payment are fully guaranteed by any of the governments listed in sub-paragraph (i);\n(c) relevant authorities;\n(d) intergovernmental investment or development institutions whose capital is subscribed by European Community Member States and other states;\n(e) any other body exercising a statutory function within European Community Member States, Canada, Japan, Sweden, Switzerland and the United States of America.\n(8) Any transferable debt security which comprises a security issued by a nationalised industry or otherwise does not fall to be included in Asset item 1(d)(i) shall be included in Asset item 1(d)(ii).\n(9) For the purposes of this paragraph—\n“deposit” means a sum of money paid on terms—\n(a) under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and\n(b) which are not referable to the provision of property or services or the giving of security; and,\nfor the purposes of this definition, money is paid on terms which are referable to the provision of property or services or to the giving of security if, and only if—\n(i) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided;\n(ii) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non performance of a contract; or\n(iii) without prejudice to paragraph (ii) above, it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.\n“local authority” means any of the following authorities:\n(a) in England and Wales, a county council, a district council, a London borough council, a parish or community council, the common Council of the City of London, and the Council of the Isles of Scilly;\n(b) in Scotland, a local authority within the meaning of section 235 of the Local Government (Scotland) Act 1973;\n(c) in Northern Ireland, a district council within the meaning of section 1 of the Local Government Act (Northern Ireland) 1972;\n“relevant authority” means any of the following:\n(a) a local authority;\n(b) any authority all the members of which are appointed or elected by one or more local authorities;\n(c) any authority the majority of the members of which are appointed or elected by one or more local authorities in the United Kingdom, being an authority which by virtue of any enactment has power to issue a precept to a local authority in England and Wales, or a requisition to a local authority in Scotland, or to the expense of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute;\n(d) the Receiver for the Metropolitan Police District or a combined police authority (within the meaning of the Police Act 1964);\n(e) a residuary body within the meaning of section 105(1) of the Local Government Act 1985;\n(f) a passenger transport executive within the meaning of section 9(1) of the Transport Act 1968;\n“Treasury bills” means bills issued by Her Majesty’s Government in the United Kingdom and Northern Ireland Treasury Bills.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1973 c. 65."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1972 c. 9. (NI)"
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1964 c. 48."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1985 c. 51."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1968 c. 73."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/359/schedule/2/part/III/paragraph/3",
    "retrieved_at": "2026-10-29T14:28:48.730066+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}