SCHEDULES
SCHEDULE 19The bank levy
F1Part 4Chargeable equity and liabilities
“Excluded” equity and liabilities
31
1
Sovereign repo liabilities are excluded.
2
“ Sovereign repo liability ” means a liability of a person (“A”) which represents a sum of money or other asset received by A from another person (“B”) under an arrangement where—
a
under the arrangement A sells high quality securities at any time to B,
b
the arrangement makes provision conferring a right or imposing an obligation on A to buy those or similar securities at any subsequent time, and
c
the subsequent buying of those or similar securities would extinguish the liability.
3
Section 556 of CTA 2009 (meaning of securities and similar securities) applies for the purposes of sub-paragraph (2) as it applies for the purposes of Chapter 10 of Part 6 of that Act.
F24
Securities are “high quality” if—
a
they are debt securities issued by—
i
the European Central Bank, a member State’s central bank or the central government of a member State,
ii
the central bank of a country (other than a member State) where the exposure to the bank is assigned a credit assessment of at least credit quality step 1, as provided by Article 10(1)(b)(ii) of Commission Regulation 2015/61, or
iii
the central government of a country (other than a member State) where the government is assigned a credit assessment of at least credit quality step 1, as provided by Article 10(1)(c)(ii) of Commission Regulation 2015/61, or
b
they are securities, including debt securities, issued by the multinational development banks or the international organisations described in Article 10(1)(g) of Commission Regulation 2015/61.
Sch. 19 para. 7(1)(2) substituted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 34 paras. 6(1), 7 (with Sch. 34 para. 12 )