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FCA Handbook
CREDS
CREDS TP 1 Transitional Provision

Alternative versions

CREDS TP 1 Transitional Provision

1(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: quarterly returns for credit unions in respect of the quarter ending on or before 31 December 2011, and annual returns in respect of the financial year ending on or before 7 January 2012				8 January 2012	8 January 2012