Sch 2 para 98 Sale and repurchase transaction
(1) “ Sale and repurchase transaction ” means a transaction which involves the transfer by a credit institution or customer (“ the transferor ”) to another credit institution or customer (“ the transferee ”) of assets subject to an agreement that the same assets, or (in the case of fungible assets) equivalent assets, will subsequently be transferred back to the transferor at a specified price on a date specified or to be specified by the transferor. (2) The following are not to be regarded as sale and repurchase transactions for the purposes of sub-paragraph (1)— (a) forward exchange transactions, (b) options, (c) transactions involving the issue of debt securities with a commitment to repurchase all or part of the issue before maturity, or (d) any similar transactions.