CREDS TP 1 Transitional Provision
1(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
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Materials to which the transitional provision applies |
Transitional Provision |
Transitional provisions: dates in force |
Handbook provisions: coming into force |
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1 [FCA] [PRA] |
R |
A version 1 credit union need not comply with CREDS 5.3.1 R until midnight on 30 September 2014. CRED 8.3.1 R, as it was in force on 31 December 2011, will apply from the beginning of this transitional period until midnight on 30 September 2012. From midnight on that day until midnight on 30 September 2013, the version 1 credit union must at all times maintain a capital-to-total assets ratio of at least 1%. From midnight on 30 September 2013 until the end of this transitional period at midnight on 30 September 2014, the version 1 credit union must at all times maintain a capital-to-total assets ratio of at least 2%. |
From midnight on 30 September 2012 to midnight on 30 September 2014 |
8 January 2012 |
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2 [FCA] [PRA] |
R |
A version 2 credit union need not comply with CREDS 6.3.2 R until midnight on 30 September 2014. From midnight on 30 September 2012 until midnight on 30 September 2013, the version 2 credit union must hold enough liquid assets to ensure that on no two consecutive quarter ends is the level of the credit union's liquid assets below 6% of its total relevant liabilities. From midnight on 30 September 2013, until the end of this transitional period at midnight on 30 September 2014, the version 2 credit union must hold enough liquid assets to ensure that on no two consecutive quarter ends is the level of the credit union's liquid assets below 8% of its total relevant liabilities. |
From midnight on 30 September 2012 to midnight on 30 September 2014 |
8 January 2012 |
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3 [FCA] [PRA] |
R |
The change in the applicable due date for the submission by a credit union of an annual return under SUP 16.12.5 R from 7 months to 6 months does not apply to an annual return in respect of the financial year ending on or before 31 July 2012. |
31 July 2012 |
8 January 2012 |
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4 [FCA] [PRA] |
R |
SUP 16 Annex 14 R, as it was in force on 31 December 2011, continues to apply to:
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8 January 2012 |
8 January 20122 |
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25 [FCA] [PRA] |
CREDS TPs 1, 2, 3 and 4 |
R |
CREDS TPs 1, 2, 3 and 4 do not apply to Northern Ireland credit unions. |
From 31 March 2012 for as long as the relevant TPs remain in force |
For Northern Ireland credit unions 31 March 2012 |
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26 [FCA] [PRA] |
CREDS 2.2.4 R, CREDS 2.2.6 R, CREDS 2.2.8 R, CREDS 3.3.7 R, CREDS 6.2.4 R and CREDS 7.2.1 R |
R |
A Northern Ireland credit union need not comply with CREDS 2.2.4 R, CREDS 2.2.6 R, CREDS 2.2.8 R, CREDS 3.3.7 R, CREDS 6.2.4 R and CREDS 7.2.1 R. |
From 31 March 2012 until 31 December 2012 |
For Northern Ireland credit unions 31 March 2012 |
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27 [FCA] [PRA] |
R |
A Northern Ireland credit union need not comply with CREDS 3.2.1 R with respect to any types of investment invested in prior to credit unions day provided those types of investment were permitted under the Credit Unions (Northern Ireland) Order 1985 and the Credit Unions (Authorised Investments) Regulations (Northern Ireland) 1995 prior to credit unions day. |
From 31 March 2012 until 30 March 2013 |
For Northern Ireland credit unions 31 March 2012 |
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28 [FCA] [PRA] |
R |
A Northern Ireland credit union that is a version 1 credit union need not comply with CREDS 3.2.2 R with respect to any securities invested in, or loans made, in accordance with CREDS 3.2.1 R prior to credit unions day provided those securities or loans mature in accordance with the terms of the relevant agreement as at credit unions day. This transitional provision does not apply to any securities invested in, or loans made, in accordance with CREDS 3.2.1 R prior to credit unions day that satisfy the requirements in CREDS 3.2.2 R. |
From 31 March 2012 until the maturity date of the securities invested in or loans made |
For Northern Ireland credit unions 31 March 2012 |
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29 [FCA] [PRA] |
R |
A Northern Ireland credit union that is a version 1 credit union need not comply with CREDS 3.2.2 R with respect to any securities invested in, or loans made, in accordance with CREDS 3.2.1 R using surplus funds within one year from credit unions day and which in accordance with the terms of the relevant agreement have a maturity of up to three years. |
From 31 March 2012 until 30 March 2013 |
For Northern Ireland credit unions 31 March 2012 |
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210 [FCA] [PRA] |
R |
A Northern Ireland credit union that is a version 2 credit union need not comply with CREDS 3.2.3 R with respect to any securities invested in, or loans made, in accordance with CREDS 3.2.1 R prior to credit unions day provided those securities or loans mature in accordance with the terms of the relevant agreement as at credit unions day. This transitional provision does not apply to any securities invested in, or loans made, in accordance with CREDS 3.2.1 R prior to credit unions day that comply with CREDS 3.2.3 R. |
From 31 March 2012 until the maturity date of the securities invested in or loans made |
For Northern Ireland credit unions 31 March 2012 |
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211 [FCA] [PRA] |
R |
A Northern Ireland credit union need not comply with CREDS 4.4.1 R. |
From 31 March 2012 until 30 March 2013 |
For Northern Ireland credit unions 31 March 2012 |
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212 [PRA] |
R |
Where the requirements of CREDS 7.5.1 R, CREDS 7.5.2 R and CREDS 7.5.4 E would result in a Northern Ireland credit union having to make higher provision than would have been required prior to credit unions day, that Northern Ireland credit union need not comply with CREDS 5.3.3 R and CREDS 5.3.5 R to the extent that that Northern Ireland credit union may transfer out of its general reserve the amount of provision that is additional to the amount that would have been required prior to credit unions day. If a Northern Ireland credit union takes advantage of this transitional provision it must advise the PRA of the amount transferred by the due date of submission for submission of its next annual return. This provision applies even where the amount standing to the Northern Ireland credit union's general reserve is, or as a result of the transfer would be, less than 10% of total assets. |
From 31 March 2012 until the due date for submission by that Northern Ireland credit union of its next annual return |
For Northern Ireland credit unions 31 March 2012 |
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213 [FCA] [PRA] |
R |
A Northern Ireland credit union that is a version 1 credit union need not comply with CREDS 7.3.1 R with respect to any loan outstanding on credit unions day. That loan must be repaid in accordance with the terms as at credit unions day of the relevant loan agreement. This transitional provision does not apply to any loan outstanding on credit unions day that satisfies the requirements in CREDS 7.3.1 R. |
From 31 March 2012 until the day the loan is repaid |
For Northern Ireland credit unions 31 March 2012 |
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214 [FCA] [PRA] |
R |
A Northern Ireland credit union that is a version 2 credit union need not comply with CREDS 7.3.4 R with respect to any loan outstanding on credit unions day. That loan must be repaid in accordance with the terms as at credit unions day of the relevant loan agreement. This transitional provision does not apply to any loans outstanding on credit unions day that satisfies the requirements in CREDS 7.3.4 R. |
From 31 March 2012 until the day the loan is repaid |
For Northern Ireland credit unions 31 March 2012 |
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215 [PRA] |
R |
A Northern Ireland credit union need not comply with CREDS 7.4.2 R with respect to any individual large exposure in existence on credit unions day or the aggregate total of all large exposures in existence on credit unions day. Those large exposures must be repaid in accordance with the terms of the agreement relating to the relevant large exposure as at credit unions day. This transitional provision does not apply to any individual large exposure in existence on credit unions day or the aggregate total of all large exposures in existence on credit unions day that comply with CREDS 7.4.2 R. |
From 31 March 2012 until 30 March 2014 or the day the individual large exposure or the aggregate total of all large exposures satisfies the requirements in CREDS 7.4.2 R if earlier |
For Northern Ireland credit unions 31 March 2012 |
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216 [FCA] |
R |
A Northern Ireland credit union need not comply with the requirement to submit a return under CREDS 9.2.1 R until 30 April 2013, and the relevant reporting period under CREDS 9.2.7 R for this return is from 1 October 2012 to 31 March 2013. |
From 31 March 2012 until 30 April 2013 |
For Northern Ireland credit unions 31 March 2012 |
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317 [FCA] |
The changes to CREDS 9.2.1 R and CREDS 9 Annex 1 R set out in Annex L of the Consumer Credit (Consequential and Supplementary Amendments) Instrument 2014 |
R |
The changes referred to in column (2) to CREDS 9.2.1 R and CREDS 9 Annex 1 R do not apply until 1 April 2015. |
1 April 2014 to 31 March 2015 |
1 April 2014 |
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318 [FCA] |
The changes to CREDS 9.2.1 R and CREDS 9 Annex 1 Rset out in Annex L of the Consumer Credit (Consequential and Supplementary Amendments) Instrument 2014 |
G |
Under CREDS 9.2.7 R, the relevant reporting period is from 1 April to 31 March each year. The effect of (17) is, therefore, that the credit union complaints return in respect of the reporting period 1 April 2014 to 31 March 2015 should be in the format set out in CREDS 9 Annex 1 R as it stood before the changes to it by the Consumer Credit (Consequential and Supplementary Amendments) Instrument 2014 were made. The first occasion on which a credit union has to report complaints in the new format required by CREDS 9 Annex 1 R, as amended by the Consumer Credit (Consequential and Supplementary Amendments) Instrument 2014 is for the reporting period from 1 April 2015 to 31 March 2016. |
1 April 2014 to 31 March 2015 |
1 April 2014 |
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