# The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2018, Regulation 4: Credit arrangements


(1) Before regulation 3 (liabilities that do not arise from capital expenditure) and the sub-part heading “Transactions which are not credit arrangements”, insert—
“TRANSACTIONS WHICH ARE CREDIT ARRANGEMENTS
Securitisation transactions
2A. A securitisation transaction must be treated as a transaction falling within section 7(2)(a).”
(2) For regulation 5 (calculation of cost of credit arrangements), substitute—
“Calculation of cost of credit arrangements
5. For the purposes of section 8(2) (entry into a credit arrangement or variation to be treated as the borrowing of an amount equal to the cost of the arrangement or variation), the cost of a credit arrangement or variation of a credit arrangement is—
(a) in the case of a securitisation transaction, an amount equal to the value of the consideration received by the authority as a result of that transaction; or
(b) in all other cases, the amount of the liability in respect of that arrangement or variation which is shown, in accordance with proper practices, in the authority’s accounts.”

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Source: https://www.legislation.gov.uk/wsi/2018/325/regulation/4 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2018/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.