Section 72L Disclosures relating to off-balance-sheet arrangements required in notes to accountsF1

(1)

If in any financial year—

(a)

a building society is or has been party to arrangements that are not reflected in its balance sheet, and

(b)

at the balance sheet date the risks or benefits arising from those arrangements are material,

the information required by this section must be given in notes to the society’s annual accounts.

(2)

The information required is—

(a)

the nature and business purpose of the arrangements, and

(b)

the financial impact of the arrangements on the society.

(3)

The information need only be given to the extent necessary for enabling the financial position of the society to be assessed.

(4)

Where a building society is required to prepare consolidated group accounts, this section applies in relation to those accounts as if the undertakings included in the consolidation were a single building society.

Annotations

Textual amendments

F1: S. 72L inserted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), arts. 1(2), 3

Notes on Part VIII

Modifications

C1: Pt. VIII (ss. 71–82) excluded by S.I. 1986/2168, art. 12(1)(a)
C2: Pt. VIII (ss. 71–82) modified (temp.until 1.1.1993) by S.I. 1990/1392, art. 6(3)