Glossary

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Term Definition Legal instruments

excluded credit union

03/02/2016

THIS DEFINITION ONLY APPLIES TO THE CREDIT UNIONS PART

means a credit union which has average total gross assets of £250 million or less, determined on the basis of the annual average amount of gross assets calculated across a rolling period of five years or, if it has been in existence for less than five years, across the period during which it has existed (in each case, calculated with reference to the credit union’s annual accounting reference date).