# Council Directive of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (86/635/EEC), Article 21: Liabilities: Item 8 — Subordinated liabilities

Extent: E+W+S+N.I.

Where it has been contractually agreed that, in the event of winding up or of bankruptcy, liabilities, whether or not evidenced by certificates, are to be repaid only after the claims of all other creditors have been met, the liabilities in question shall be shown under this item.

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Source: https://www.legislation.gov.uk/eudr/1986/635/article/21 (the official version)
Page: https://openlegislation.uk/eu-directive-1986-635/article-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.