OpenLegislation

Division 243 F1

United Kingdom

Original text. Later amendments are not shown.

The exercise of clauses which, where used at the discretion of the debtor, enable the debtor to change the terms of the contract ( ‘ embedded forbearance clauses ’ ) shall be treated as a concession where the institution approves executing those clauses and concludes that the debtor is experiencing financial difficulties.

Annotations

Textual amendments

F1

Substituted by Commission Implementing Regulation (EU) 2020/429 of 14 February 2020 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance).