Section 387A(3)

In this Act, in relation to a relevant financial institution— “ordinary non-preferential debts” means non-preferential debts which are neither secondary non-preferential debts nor tertiary non-preferential debts; “secondary non-preferential debts” means non-preferential debts issued under an instrument where— the original contractual maturity of the instrument is of at least one year, the instrument is not a derivative and contains no embedded derivative, and the relevant contractual documentation and where applicable the prospectus related to the issue of the debts explain the priority of the debts under this Act, and “tertiary non-preferential debts” means all subordinated debts, including (but not limited to) debts under Common Equity Tier 1 instruments, Additional Tier 1 instruments and Tier 2 instruments (all within the meaning of Part 1 of the Banking Act 2009).

← 2A · All articles · 4 →

Source: legislation.gov.uk · retrieved 2026-09-04