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References in relation to non-card credit facilities

Banking (Credit Card and Charge Card) Regulations 2013

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—(1) For the purposes of these Regulations, a reference to a fully secured non-card credit facility is a reference to a non-card credit facility where, at the time the facility is given, the specified value of the assets against which the facility is secured is not less than the amount of the credit granted by the lender under the facility.(2) For the purposes of these Regulations, a reference to a partially secured non-card credit facility is a reference to a non-card credit facility where, at the time the facility is given, the specified value of the assets against which the facility is secured is less than the amount of the credit granted by the lender under the facility.(3) For the purposes of these Regulations, a reference to a fully unsecured non-card credit facility is a reference to a non-card credit facility given without any security.(4) In this regulation, “specified value”, in relation to assets, means —(a)the market value of the assets; or(b)where there is no established market value of the assets referred to in sub-paragraph (a), such other value as may be approved by the Authority; and if at the material time no other value is approved by the Authority, the assets shall be treated as being of no value.

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