Regulation 93 Interpretation

In this Chapter—

• “the Act” means the Banking Act 2009,

• “additional Tier 1 instruments” has the meaning given by section 3(1) of the Act,

• “the FCA” has the meaning given in section 3(1) of the Act,

• “fully secured liability” means a liability which, at the time it is created, is fully secured and governed by contractual terms that oblige the debtor to maintain the liability fully collateralised on a continuous basis in compliance with regulatory requirements in EU law or of the law of a third country achieving effects that can be deemed equivalent to EU law.

• “mandatory reduction provision” has the meaning given by section 6B(2) of the Act,

• “the PRA” has the meaning given in section 3(1) of the Act,

• “the recovery and resolution directive” has the meaning given by section 3(1) of the Act,

• “special bail-in provision” has the meaning given by section 48B(1) of the Act,

• “Tier 2 instruments” has the meaning given by section 3(1) of the Act, and

• “unsecured liability” means—

  1. (a)

     for liabilities created on or before 31 July 2016, a liability under which the right of the creditor to payment or other form of performance is not—

     1. (i)

        secured by a charge, pledge, lien, or mortgage; or

     2. (ii)

        subject to other collateral arrangements, including liabilities arising from repurchase transactions and other title transfer collateral arrangements; and

  2. (b)

     for liabilities created after 31 July 2016, a liability that is not a fully secured liability.