Schedule 2, Part 1, paragraph 4(8)

The following liabilities of the bank are “excluded liabilities”— liabilities representing protected deposits; any liability, so far as it is secured; liabilities that the bank has by virtue of holding client assets; liabilities with an original maturity of less than 7 days owed by the bank to a credit institution or investment firm; liabilities arising from participation in designated settlement systems and owed to such systems or to operators of, or participants in, such systems; liabilities owed to central counterparties recognised by the European Securities and Markets Authority in accordance with Article 25 of Regulation (EU) 648/2012 of the European Parliament and the Council; liabilities owed to an employee or former employee in relation to salary or other remuneration, except variable remuneration; liabilities owed to an employee or former employee in relation to rights under a pension scheme, except rights to discretionary benefits; liabilities owed to creditors arising from the provision to the bank of goods or services (other than financial services) that are critical to the daily functioning of the bank's operations.

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