Section 121

In this Chapter— “covered bond” means a regulated covered bond within the meaning of regulation 1(2) of the Regulated Covered Bonds Regulations 2008; and; “relevant institution” means an institution, other than a mortgage credit institution, which is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with the capital requirements regulation and CRR rules. “Mortgage credit institution” means an institution— which does not have permission under Part 4A of FSMA to carry on the regulated activity of accepting deposits (within the meaning given by section 22 of that Act, read with Schedule 2 and any order under section 22); and whose lending— relates to an agreement under which the obligation of the borrower to repay is secured, or is to be secured, by a legal mortgage on land; and is financed by covered bonds . In this Chapter, references to the “minimum requirement for own funds and eligible liabilities” include any transitional minimum requirement which the Bank determines that an institution is required to hold in accordance with article 123(1C).

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