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CREDS 3A.3 Borrowing


1A credit union must not borrow from a natural person, except by way of a subordinated loan qualifying as capital under PRA rules.


CREDS 3A.3.1R does not apply to borrowing from a body corporate. A loan made to a credit union by a body corporate can either be a subordinated loan (providing regulatory capital within PRA rules) or a senior loan (providing ordinary funding, but not constituting regulatory capital).


2A credit union must not require any of its members to make a subordinated loan to the credit union or purport to do so.