Schedule 1ZB, Part 3, paragraph 31(3)

In sub-paragraph (1)(b)— “relevant borrowing” means any money borrowed by the PRA which has been used for the purpose of meeting expenses incurred in relation to its assumption of functions under this Act, and “relevant commencement expenses” means expenses incurred by the PRA, the FCA or the Bank— in preparation for the exercise of functions by the PRA under this Act, or for the purpose of facilitating the exercise by the PRA of those functions or otherwise in connection with their exercise by it.

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