The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
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Change 1
13 Deposits excluded from determination of core deposit level
(1) For the purpose of determining the average core deposit total for a UK deposit-taker the quarterly totals referred to in article 12(3) do not include deposits if— (a) the deposits concerned are held by the UK deposit-taker as a result of the transfer to it of all or part of the business of another institution, other than by way of an excluded transfer; and (b) not more than four years have passed since the date of completion of that transfer. (2) For the purpose of calculating the sum referred to in article 12(1)(b) the average core deposit total for a UK deposit-taker is not included if— (a) the relevant UK deposit-taker (the “target institution”) became a member of the group concerned as a result of another member of that group (the “acquiring institution”) acquiring securities issued by the target institution; (b) at the date of that acquisition the target institution was not a ring-fenced body; (c) that acquisition would, but for the provisions of this paragraph, have resulted in the group of which the acquiring institution is a member ceasing to meet the condition in article 12(1)(b); and (d) not more than four years have passed since the date of completion of the acquisition. (3) In this article “excluded transfer” means a transfer which is made— (a) by way of a ring-fencing transfer scheme; or (b) to a UK deposit-taker from an institution which is a member of the same group as the UK deposit-taker as at the date of the transfer.
13 Deposits excluded from determination of core deposit level
(1) For the purpose of determining the average core deposit total for a UK deposit-taker the quarterly totals referred to in article 12(3) do not include deposits if— (a) the deposits concerned are held by the UK deposit-taker as a result of the transfer to it of all or part of the business of another institution, other than by way of an excluded transfer; and (b) not more than four years have passed since the date of completion of that transfer. (2) For the purpose of calculating the sum referred to in article 12(1)(b) the average core deposit total for a UK deposit-taker is not included if— (a) the relevant UK deposit-taker (the “target institution”) became a member of the group concerned as a result of another member of that group (the “acquiring institution”) acquiring securities issued by the target institution; (b) at the date of that acquisition the target institution was not a ring-fenced body; (c) that acquisition would, but for the provisions of this paragraph, have resulted in the group of which the acquiring institution is a member ceasing to meet the condition in article 12(1)(b); and (d) not more than four years have passed since the date of completion of the acquisition. (3) In this article “excluded transfer” means a transfer which is made— (a) by way of a ring-fencing transfer scheme; or (b) to a UK deposit-taker from an institution which is a member of the same group as the UK deposit-taker as at the date of the transfer.
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