Arrangements are purchase and resale arrangements if the following conditions are met:

they are arrangements entered into between two persons (‘the first purchaser’ and ‘the second purchaser’), one or both of whom are financial institutions;

the first purchaser purchases an asset and immediately sells it to the second purchaser (unless the first purchaser is a financial institution and purchased the asset for the purposes of purchase and resale transactions in which case the sale need not be immediate);

all or part of the price paid by the second purchaser is deferred until a later date;

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