The outstanding balance of a loan by a version 2 credit union to a member must not at any time be more than:
£15,000 in excess of the attached shares held by that member; or
whichever is the greater.
The lending limit requirements set out above are maxima. A credit union should have adequate systems for recording and controlling all potential exposures. The capital requirements for version 1 credit unions and version 2 credit unions in respect of lending are set out in CREDS 5.3 and CREDS 5.4, including the PRA's requirements in respect of calculating risk-adjusted capital.