(1) The Financial Collateral Arrangements (No. 2) Regulations 2003 [S.I. 2003/3226. These Regulations have been amended by S.I. 2009/2462.] are amended as follows.

(2) In regulation 3 -

(a) renumber the existing provision as paragraph (1);

(b) in paragraph (1) -

(i) insert in the appropriate place -

""credit claims" means pecuniary claims which arise out of an agreement whereby a credit institution, as defined in Article 4(1) of Directive 2006/48/EC of the European Parliament and of the Council relating to the taking up and pursuit of the business of credit institutions (recast), including the institutions listed in Article 2 of that Directive, grants credit in the form of a loan [OJ No L 177, 30.6.2006, p1 - 200.];";

(ii) in the definition of "financial collateral", for "cash or financial instruments" substitute "cash, financial instruments or credit claims";

(iii) in the definition of "reorganisation measures", in sub-paragraphs (c) and (d), after "Scottish partnership," on each occasion it occurs, insert "a protected trust deed within the meaning of";

(iv) in the definitions of "security financial collateral arrangement" and "security interest" -

(aa) for "equivalent financial collateral" substitute "financial collateral of the same or greater value",