Commentary on provisions of Act Section 1: The funding limit: funds to be disregarded
This section amends section 7(3) of the 1986 Act to add further sources of funds that a building society can disregard for the purpose of calculating its wholesale funding limit.
	It describes the types of funds to be exempted from the building society wholesale funding limit calculation: Bank of England liquidity insurance facilities, debt instruments raised to meet the minimum requirement for own funds and eligible liabilities (MREL) requirements, and sums received under a repurchase agreement with a view to complying with a specified Prudential Regulation Authority (PRA) rule. It also inserts a new subsection (9A) into section 7 of the Act which defines some of the key expressions contained in the new sources of funding added to section 7(3).
	This section also adds three new subsections (9B), (9C) and 9(D) to section 7 of the 1986 Act, which give HM Treasury the power to specify named funds, or descriptions of funds, and PRA rules (including by means of ambulatory references) through secondary legislation subject to the affirmative resolution procedure. The Government set out further detail in the Edinburgh Reforms on the funds that will be specified in regulations 1 .