Regulation 20 Rates of interest

In paragraph (3) of regulation 43 of the 1994 Regulations (rates of interest) for sub-paragraph (b) substitute—

“(b)

the future income from the asset required to be taken into account (whether interest, dividends or repayment of capital) shall be reduced by a proportion corresponding to such part of any excess exposure to assets of that description, calculated in accordance with paragraph 13 of Schedule 5 to these Regulations, as may reasonably be attributed to such assets.”.