[Note: article 23(1) of the MCD]
The “other arrangements” referred to in MCOB 2A.3.1R (2) may include:
a cap; or
a risk warning (where a risk warning would be sufficient to limit the exchange rate risk (if any) to which the consumer is exposed).
the consumer receives income or holds assets in currency A but also receives income or holds assets in another currency ("currency B");
The alternative currency referred to in MCOB 2A.3.1R (1) must be either:
the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time that the most recent affordability assessment in relation to the regulated mortgage contract was made; or
[Note: article 23(2) of the MCD]
Where a consumer has a right to convert the MCD regulated mortgage contract into an alternative currency in accordance with MCOB 2A.3.1R (1), the exchange rate at which the conversion is carried out must be the market exchange rate applicable on the day of application for conversion, unless otherwise specified in the MCD regulated mortgage contract.
[Note: article 23(3) of the MCD]