Paragraph 15V F1

(1)

This paragraph applies for the purposes of paragraphs 15W and 15X.

(2)

References to “loss absorbing instruments” are references to—

(a)

tier one capital equity and liabilities, and

(b)

other instruments,

which satisfy a loss absorbing capacity or recapitalisation requirement.

(3)

In this paragraph and paragraphs 15W and 15X, “tier one capital equity and liabilities” means—

(a)

equity and liabilities which are “tier one equity and liabilities” within the meaning of paragraph 30, and

(b)

equity and liabilities that are (or are of a description) specified, or meet such conditions as may be specified, in regulations made by the Treasury.

(4)

A “loss absorbing capacity or recapitalisation requirement” is a requirement—

(a)

that is imposed, in relation to tier one capital equity and liabilities or other instruments issued by an entity, by an authority in the exercise of its regulatory functions under the law of the United Kingdom or of a country or territory outside the United Kingdom, and

(b)

that is (or is of a description) specified, or meets such conditions as may be specified, in regulations made by the Treasury.

Annotations

Textual amendments

F1: Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2