Regulation 119 Interpretation

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”;

in sub-paragraph (b)(iii), the final “and” were omitted;

for sub-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).”.