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Division (vii) The corrected IFRS group balance sheet corresponds to the IFRS group balance sheet of the PBB sub-group, corrected for the one-off and pass-through effects stemming from the transfer of non-strategic assets to the winding-up institution FMS-WM. This relates, for instance, to ECB funding of the winding-up institution or upgrades to the transfer channels which have not yet been implemented, e.g. back-to-back instead of novation for derivatives. In addition to the assets required for proper running of the bank, the PBB sub-group's corrected IFRS group balance sheet contains:

United Kingdom

Original text. Later amendments are not shown.

  1. (a)

    the interest-bearing assets of the strategically relevant portfolio (real estate finance, public investment finance) (paragraph 4(i));

  2. (b)

    the interest-bearing assets of the non-strategic budget finance portfolio which runs off onto the balance sheet; and

  3. (c)

    the assets which were transferred to the winding-up institution synthetically, but without transfer of beneficial ownership and therefore without derecognition from the PBB balance sheet, which are entered in PBB's mortgage cover pool.