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Provisions applicable where credit institution is both designated mortgage credit institution and designated public credit institution.
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90.—(1) If a credit institution that is or was formerly both a designated mortgage credit institution and a designated public credit institution has—
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(a) issued mortgage covered securities, or
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(b) entered into a cover assets hedge contract relating to mortgage covered securities issued by the institution,
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the rights of the holders of those securities, or the other party to the contract, are secured only on the cover assets that comprise the relevant cover assets pool.
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(2) If a credit institution that is or was formerly both a designated mortgage credit institution and a designated public credit institution has—
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(a) issued public credit covered securities, or
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(b) entered into a cover assets hedge contract relating to public credit covered securities issued by the institution,
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the rights of the holders of those securities, or the other party to the contract, are secured only on the cover assets that comprise the relevant cover assets pool.
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