{
  "url": "https://openlegislation.uk/building-societies-liquid-asset-regulations-1991/note",
  "json_url": "https://openlegislation.uk/building-societies-liquid-asset-regulations-1991/note.json",
  "legislation": "uksi/1991/2580",
  "legislation_title": "The Building Societies (Liquid Asset) Regulations 1991",
  "legislation_url": "https://openlegislation.uk/building-societies-liquid-asset-regulations-1991",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations set out (in Parts I and II of the Schedule) the liquid assets which a building society may hold under section 21 of the Building Societies Act 1986 for the purposes of meeting its liabilities as they arise. They replace The Building Societies (Liquid Asset) Regulations 1987, The Building Societies (Liquid Asset) (Amendment) Regulations 1989 and The Building Societies (Liquid Asset) (Amendment) Regulations 1991.\nThe Regulations widen the scope of the assets which may be held by a building society as liquid assets. The new Schedule permits deposits of money to be made with the central banks of member States of the European Community and of the other G10 states (Canada, Japan, Sweden, Switzerland and the United States of America) and with any credit institutions authorised by member States.\nSecurities issued or guaranteed by the governments of the above states and held by societies will rank as liquid assets as will those issued or guaranteed by credit institutions authorised by member States, those issued by certain international organisations, and commercial paper issued or guaranteed by United Kingdom public limited companies and analogous entities in other member States and the other G10 states.\nThe status of liquid assets is also extended to mortgage backed securities as defined in Part 111 of the Schedule.\nThe opportunity has been taken also to simplify the structure of the Schedule to the Regulations.\nRegulation 5 empowers societies to continue to hold previously acquired assets which fall outside Parts I and 11 of the Schedule but are validly held by virtue of previous Regulations, and assets which following acquisition have for any reason ceased to be liquid assets.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1991/2580/note",
    "retrieved_at": "2026-10-29T14:34:26.514833+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."
}