# The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, Regulation 113: Interpretation


Section 387A (financial institutions and their non-preferential debts) applies as if in subsection (3)—
(a) in paragraph (a), for “neither secondary non-preferential debts nor tertiary non-preferential debts” there were substituted “not secondary non-preferential debts, tertiary non-preferential debts or quaternary non-preferential debts”;
(b) in paragraph (b), the final “and” were omitted;
(c) for paragraph (c) there were substituted—
“(c) “tertiary non-preferential debts” means subordinated debts that are not quaternary non-preferential debts, and
(d) “quaternary non-preferential debts” means debts under instruments the whole or part of which constitute Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments (all within the meaning of Part 1 of the Banking Act 2009).”.

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/113 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-113
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.