The Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026
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Change 1
3 Amounts or sums disregarded from the funding limit
(1) A facility provided by the Bank of England in accordance with the Sterling Monetary Framework, as that document has effect from time to time, is a specified liquidity insurance facility for the purposes of section 7(3)(c) of the Act (amounts drawn by a building society from a specified liquidity insurance facility provided by the Bank of England that are disregarded from the funding limits). (2) A secondary non-preferential debt is a specified debt instrument for the purposes of section 7(3)(d) of the Act (amounts represented by specified debt instruments issued by a society with a view to maintaining the minimum requirement for own funds and eligible liabilities that are disregarded from the funding limit). (3) A requirement for a building society to hold level 1 assets in accordance with the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook is a specified PRA rule for the purposes of section 7(3)(e) of the Act (sums received by a building society under a sale and repurchase agreement entered into by a society with a view to complying with a specified PRA rule that are disregarded from the funding limit). (4) In this article— “level 1 assets” has the same meaning as in Article 10 of the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook; “PRA Rulebook” means the rulebook published by the PRA containing PRA rules as they have effect from time to time; “secondary non-preferential debt” has the same meaning as in section 387A(3)(b) of the Insolvency Act 1986.
3 Amounts or sums disregarded from the funding limit
(1) A facility provided by the Bank of England in accordance with the Sterling Monetary Framework, as that document has effect from time to time, is a specified liquidity insurance facility for the purposes of section 7(3)(c) of the Act (amounts drawn by a building society from a specified liquidity insurance facility provided by the Bank of England that are disregarded from the funding limits). (2) A secondary non-preferential debt is a specified debt instrument for the purposes of section 7(3)(d) of the Act (amounts represented by specified debt instruments issued by a society with a view to maintaining the minimum requirement for own funds and eligible liabilities that are disregarded from the funding limit). (3) A requirement for a building society to hold level 1 assets in accordance with the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook is a specified PRA rule for the purposes of section 7(3)(e) of the Act (sums received by a building society under a sale and repurchase agreement entered into by a society with a view to complying with a specified PRA rule that are disregarded from the funding limit). (4) In this article— “level 1 assets” has the same meaning as in Article 10 of the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook; “PRA Rulebook” means the rulebook published by the PRA containing PRA rules as they have effect from time to time; “secondary non-preferential debt” has the same meaning as in section 387A(3)(b) of the Insolvency Act 1986.
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