Transitional Provisions and Schedules
CREDS TP 1
Transitional Provision
| (1) | (2) | (3) | (4) | (5) | (6) | |||
| Materials to which the transitional provision applies | Transitional Provision | Transitional provisions: dates in force | Handbook provisions: coming into force | |||||
| 1 | CREDS 5.3.1 R | 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 | |||
| 2 | CREDS 6.3.2 R | 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 | |||
| 3 | SUP 16.12.7 R | 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 | |||
| 4 | SUP 16 Annex 14 R | R | SUP 16 Annex 14 R, as it was in force on 31 December 2011, continues to apply to:
(i)quarterly returns for credit unions in respect of the quarter ending on or before 31 December 2011, and(ii)annual returns in respect of the financial year ending on or before 7 January 2012
|
8 January 2012 | 8 January 2012 | |||
| 5 | 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 | |||
| 6 | 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 | |||
| 7 | CREDS 3.2.1 R | 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 | |||
| 8 | CREDS 3.2.2 R | 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 | |||
| 9 | CREDS 3.2.2 R | 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 | |||
| 10 | CREDS 3.2.3 R | 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 | |||
| 11 | CREDS 4.4.1 R | 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 | |||
| 12 | CREDS 5.3.3 R and CREDS 5.3.5 R | 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 | |||
| 13 | CREDS 7.3.1 R | 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 | |||
| 14 | CREDS 7.3.4 R | 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 | |||
| 15 | CREDS 7.4.2 R | 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 | |||
| 17 | SUP 16.12.5 R | R | A Northern Ireland credit union need not comply with the requirement to submit quarterly returns under SUP 16.12.5 R until 31 January 2013 for the period from 1 October to 31 December 2012. | From 31 March 2012 until 31 January 2013 | For Northern Ireland credit unions 31 March 2012 | |||
| 18 | SUP 16.12.5 R | R | A Northern Ireland credit union need not comply with the requirement to submit an annual return under SUP 16.12.5 R for the year end 30 September 2011. | From 31 March 2012 indefinitely. | For Northern Ireland credit unions 31 March 2012 | |||
- 01/04/2013
CREDS Sch 1
Record keeping requirements
- 08/01/2012
CREDS Sch 1.1
See Notes
There are no requirements relating to record keeping in CREDS.
- 01/04/2013
CREDS Sch 2
Notification requirements
- 08/01/2012
CREDS Sch 2.1
See Notes
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant notification requirements.
It is not a complete statement of those requirements and should not be relied on as if it were.
It is not a complete statement of those requirements and should not be relied on as if it were.
- 01/04/2013
CREDS Sch 2.2
See Notes
| Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
| CREDS 2.2.4 R CREDS 2.2.52 G |
Business plan | Copy of business plan | Upon request Version 2 credit unions should submit after adoption and / or amendment |
As soon as reasonably practical |
| CREDS 2.2.6 R CREDS 2.2.60 G |
Policies and procedures manual | Copy of policies and procedures manual. Wide range of detail as specified as guidance in CREDS 2 | Upon request Version 2 credit unions should submit after adoption and / or amendment |
As soon as reasonably practical |
| CREDS 3.3.10 R | Financial risk Management Policy | Statement of financial risk management policy | Version 2 credit unions must submit after adoption and / or amendment | As soon as reasonably practicable |
| CREDS 5.2.3 G | General notification | Any proposed repayment of subordinated debt | As soon as credit union aware | At least one month in advance of proposed repayment |
| CREDS 6.2.5 R | Liquidity | Liquidity Management Policy Statement | Version 2 credit unions must submit after adoption and/or amendment | As soon as reasonably practical |
| CREDS 7.2.1 R to CREDS 7.2.2 R | Lending policy | Current lending policy statement | Version 2 credit unions must submit after adoption and/or amendment | As soon as reasonably practical |
| CREDS 7.4.3 R | Large exposures | The aggregate total of all large exposures will exceed 300% of capital. | Prior to the aggregate total of all large exposures exceeding 300% of capital. | As soon as reasonably practicable. |
| CREDS 8.2.1 G | Quarterly return | Key financial data | Quarter end | 1 month after quarter end |
| CREDS 8.2.3 G | Annual return | Extended financial data | Financial year end | 6 months after financial year end |
| CREDS 8.2.6 R | Audited accounts | Revenue account and balance sheet | Financial year end | Until submission of annual return |
| CREDS 9.2.1 R | Complaints report | Analysis of complaints | 31 March each year | 1 month after period end |
- 01/04/2013
CREDS Sch 3
Fees and other required payments
- 08/01/2012
CREDS Sch 3.1
See Notes
There are no requirements for fees or other payments in CREDS.
The table below summarises the fee requirements for credit unions detailed elsewhere.
The table below summarises the fee requirements for credit unions detailed elsewhere.
- 01/04/2013
CREDS Sch 3.2
See Notes
| Description of fee | Reference |
| Appropriate regulator rules relating to authorisation fees | FEES 3 |
| Schedule of authorisation fees payable | FEES 3 Annex 1 |
| Appropriate regulator fees rules relating to the periodic fee | FEES 4 |
| Schedule of periodic fees payable | FEES 4 Annex 2A Part 1 and FEES 4 Annex 2B Part 1 |
| FOS funding rules | FEES 5 |
| FSCS funding rules | FEES 6 |
- 01/04/2013
CREDS Sch 6
Rules that can be waived
- 08/01/2012
CREDS Sch 6.1
See Notes
The rules made in CREDS can be waived by the appropriate regulator under sections 138A and 138B (Modification or waiver of rules) of the Act.
CREDS includes guidance on rules made in other parts of the Handbook. Reference should be made to those parts of the Handbook concerning waiver of those rules.
CREDS includes guidance on rules made in other parts of the Handbook. Reference should be made to those parts of the Handbook concerning waiver of those rules.
- 01/04/2013