When you apply to register a covered bond programme under section 410(2), the Bank looks at your application. The Bank then decides to either approve or decline your application. You can find more information about this in section 410(2).

If the Bank thinks you meet the requirements listed in section 411(2), they will approve your application. This means they will also register your covered bond programme. The Bank makes this decision after checking your application.

If the Bank does not think you meet the requirements, they will decline your application. This is what happens when you do not satisfy the conditions set out in the law. The Bank must make one of these two decisions after considering your application.