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Paragraph 3

Original text. Later amendments are not shown.

(1)

No subordinated loan capital shall, in Part I or II of this Schedule, be treated as retail or non-retail funds and deposits.

(2)

Subject to subparagraph (1), in Part II the liabilities of any subsidiary undertaking of a society in respect of deposits which would, were they liabilities of the society, be classifiable as non-retail funds and deposits shall be treated as non-retail funds and deposits and any other such liabilities of the subsidiary undertaking shall be treated as retail funds and deposits.