Related provisions for IPRU-INV 13.1A.19

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IPRU-INV 9.5.3RRP
Perpetual long-term subordinated loans and perpetual cumulative preference share capital may not be included in the calculation of own funds unless they meet the following requirements: (1) it may not be reimbursed on the holder's initiative or without the prior agreement of the FCA; (2) the instrument must provide for the firm to have the option of deferring the dividend payment on the share capital; (3) the shareholder's
IPRU-INV 9.5.4RRP
A firm may include a subordinated loan in the calculation of its own funds only: (a) if it is drawn up in accordance with the standard forms obtained from the FCA; (b) if it is signed by authorised signatories of all the parties; and (c) to the extent that it is fully paid up.
IPRU-INV 9.5.5RRP
A long-term subordinated loan may not be included in the calculation of own funds unless it meets the following requirements: (1) it must be fully paid-up; (2) it has an original maturity of at least five years; (3) the extent to which it may be used in the calculation of own funds shall be amortised on a straight line basis during at least the five years before repayment; and (4) it must not become repayable before the agreed repayment date other than in the
IPRU-INV 9.5.8RRP
(1) In calculating own funds: (i) the total amount of revaluation reserves, perpetual cumulative preference share capital, long-term subordinated loans, perpetual long-term subordinated loans and fixed term preference share capital must not exceed 100% of initial capital minus B; and (ii) the total amount of fixed term preference share capital and long-term subordinated loans must not exceed 50% of initial capital minus B.
(1) In calculating own funds:(i) the total amount of revaluation reserves, perpetual cumulative preference share capital, long-term subordinated loans and fixed term preference share capital must not exceed 100% of initial capital minus the sum of the items set out against B; and (ii) the total amount of fixed term preference share capital and long-term subordinated loans must not exceed 50% of initial capital minus the sum of the items set out against B.
2The conditions referred to in IPRU-INV 13.1A.19R are:(1) the subordinated loan must be fully paid up; (2) the subordinated loan must have an original maturity of at least five years or, where there is no fixed term, the subordinated loan must be subject to not less than five years' notice of repayment3;(3) the agreement governing the subordinated loan must only permit repayment3, prepayment or termination on:(a) maturity, or on expiration of the period of notice, if a firm has at
IPRU-INV 5.6.2RRP
A firm may only take into account the paid-up amount of a long term qualifying subordinated loan in the calculation of its own funds. This amount must be amortised on a straight-line basis over the five years prior to the date of repayment.
A firm must calculate its capital resources in accordance with table 13.15.3(1). Table 13.15.3(1)This table forms part of IPRU-INV 13.15.3R.Capital resourcesCompaniesSole traders: PartnershipsPaid-up share capital (excluding preference shares2 redeemable by shareholders2 within two years)Eligible LLP members’ capitalShare premium accountRetained profits (see IPRU-INV 13.15.4R) and interim net profits (Note 1)Revaluation reservesSubordinated loans (see IPRU-INV 13.15.7R)Debt capitalBalances
IPRU-INV 5.8.1RRP
1A firm must calculate its own funds and liquid capital as shown below, subject to the detailed requirements set out in IPRU-INV 5.8.2R.Financial resourcesCategoryIPRU-INV 5.8.2R paragraphTier 1(1)Paid-up share capital (excluding preference shares) A(1A)Eligible LLP members' capital (2) Share premium account (3) Reserves 2A(4) Non-cumulative preference shares Less: (5) Investments in own sharesB(6) Intangible assets (7) Material current year losses 4(8)Material holdings in
IPRU-INV 5.8.2RRP
1 Deductions and Ratios (Items 10, 11 and 15)(a)Notwithstanding IPRU-INV 5.8.1R and 5.8.2R for an exempt CAD firm, in calculating own funds, all of Item 8 must be deducted after the total of Tier 1 and Tier 2 capital and the following restrictions apply:(i)the total of fixed term cumulative preference shares (item 10) and long-term qualifying subordinated loans (item 11) that may be included in Tier 2 capital is limited to 50 per cent of Tier 1 capital;(ii)Tier 2 capital must
1The following words or terms throughout IPRU-INV 5 appearing in bold (other than headings and titles) are to have the meanings given to them below if not inconsistent with the subject or context. If a defined term is italicised the definition appearing in the main Handbook Glossary applies.TermMeaningaccounting reference datemeans:(a)the date to which a firm's accounts are prepared in order to comply with the relevant Companies Act legislation. In the case of a firm not subject