Paragraph 1 Statutory percentagesI1

United Kingdom

(1)

The annual business statement of a society shall state, as at the end of the financial year with which it deals, the following percentages—

(a)

the difference between the values of X and Y as at the balance sheet date, expressed as a percentage of X, where X and Y are calculated F1for the purposes of section 6(1) of the Act^f1 and subject to sub-paragraph (3);

(b)

the limit for the percentage described in sub-paragraph (a) stated in section 6(1) of the Act;

(c)

the difference between the values of X and Y as at the balance sheet date, expressed as a percentage of X, where X and Y are calculated F2for the purposes of section 7(1) of the Act^f2; and

(d)

the limit for the percentage described in sub-paragraph (c) stated in section 7(1) of the Act.

(2)

The annual business statement shall include an explanation of the basis of the calculation specified in sub-paragraph (1) and of what is represented by each of the percentages and limits so specified.

(3)

For the purpose of calculating the percentage required to be stated by sub-paragraph (1)(a) F3for a society whose annual accounts are Building Societies Act accounts—

(a)

the liquid assets of the society and any subsidiary undertakings referred to in section 6(2)(a) of the Act are those included in the balance sheet under Asset item A; and

(b)

the fixed assets of the society and any subsidiary undertakings referred to in section 6(2)(b) of the Act are those included in the balance sheet under Asset items D and E,

in Part I, or in the case of a group accounts society, Part II of Schedule 2.

F4(4)

For the purpose of calculating the percentage required to be stated by sub-paragraph (1)(a) for a society whose annual accounts are IAS accounts, the liquid assets and fixed assets of the society and any subsidiary undertakings referred to in paragraphs (a) and (b) of section 6(2) of the Act are those included in the balance sheet.

Annotations

Textual amendments

F1: Words in Sch. 9 para. 1(1)(a) substituted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 5(a)
F2: Words in Sch. 9 para. 1(1)(c) substituted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 5(b)
F3: Words in Sch. 9 para. 1(3) inserted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 5(c)
F4: Sch. 9 para. 1(4) inserted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 5(d)

Commencement

I1: Sch. 9 para. 1 in force at 27.3.1998, see reg. 1

Footnotes

f1: Section 6 was substituted by section 4 of the Building Societies Act 1997 (c. 32).
f2: Section 7 was substituted by section 8 of the Building Societies Act 1997.