Regulation 38 Regulation 7 (designated authority)

For regulation 7 (designated authority) substitute—

“Overview

7.

(1)

This Part makes provision for how the Bank—

(a)

must assess and set a countercyclical capital buffer rate for the United Kingdom (which relates to exposures located in the United Kingdom), and;

(b)

may recognise or set buffer rates for exposures which are located in countries other than the United Kingdom and held by UK institutions.

(2)

The buffer rates mentioned in paragraph (1) must be used in the determination of institution-specific countercyclical capital buffers.”.