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Lifting of certain restrictions on cover assets pool of a designated public credit institution.
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41.— The Principal Act is amended by inserting the following after section 54:
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“Lifting of certain restrictions on cover assets pool of a designated public credit institution.
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54A.— For so long as—
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(a) a cover assets pool maintained by a designated public credit institution is comprised in part of cover assets which meet the requirements of section 47(8) and (11) and of any contractual overcollateralisation undertaking made by the institution referred to in section 47(13), and
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(b) those cover assets meet the other requirements of this Part,
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then any provision of this Part which restricts the proportion or percentage of the cover assets pool which may be comprised of certain cover assets or criteria or standards applicable to cover assets shall not apply to any further such cover assets comprised or to be comprised from time to time in that cover assets pool, and the provisions of this Part shall be construed accordingly.”.
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