Glossary

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Term Definition Legal instruments

modified eligible liabilities or MELs

01/03/2016

THIS DEFINITION ONLY APPLIES TO THE FEES PART

means:

(1) for banks and building societies their modified eligible liabilities relating to business conducted out of offices in the United Kingdom, calculated in accordance with the following formula:

(1 + 2 + 3 + 4 + 0.6*5 + 6 - 8 - 9A - 9B - 10A - 10B - 10C - 11A - 11B - 0.6*12) + (1/3)*(F1 + F2 + F3 + F4 + 0.6*F5 + F6 - F8 - F9A - F9B - F10A - F10B - F10C - F11A - F11B - 0.6*F12)

            - 13M

           where each variable refers to an entry in Item B of  Form ELS;

and

(2) for credit unions, modified eligible liabilities relating to their United Kingdom business only, being deposits with the credit union (that is its share capital) less the credit union’s bank deposits (investments + cash at bank).