Inclusion of financial instruments at fair value

24A.

(1) Subject to sub-paragraphs (2) to (4), financial instruments, including derivative financial instruments, may be included at fair value.

(2) Sub-paragraph (1) only applies to financial instruments which constitute liabilities if -

(a) they are held as part of a trading portfolio;

(b) they are derivative financial instruments; or

(c) they are financial instruments falling within sub-paragraph (3A).

(3) Unless they are financial instruments falling within sub-paragraph (3A) below, sub-paragraph (1) does not apply to -

(a) non-derivative financial instruments held to maturity;

(b) loans or receivables originated by the society and not held for trading purposes;

(c) interests in connected undertakings or joint ventures;

(d) equity instruments issued by the society;

(e) contracts for contingent consideration in a business combination; and