Article 5 The funding limitI1
United Kingdom
Section 7 of the 1986 Act (the funding limit)f1 applies to a relevant building society with the following modification.
There shall be disregarded for the purposes of section 7(2) any financial assistance the society receives from a qualifying institution.
Annotations
Commencement
- I1
Art. 5 in force at 7.4.2010, see art. 1(2)
Footnotes
- f1
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Section 7 was substituted by the Building Societies Act 1997, section 8, and amended by S.I. 2001/2617. Section 7(2) was modified in its application to liabilities of subsidiary undertakings by S.I. 2004/3200; section 7(2) and (3) were modified in their application to eligible debt securities by S.I. 2003/1633, and in their application to the liabilities of EEA subsidiary undertakings by S.I. 2007/860. The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007, section 1(1), inserts section 7(6A) to (6C) and (8A), from a date to be appointed.