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CM-5.6.2

These exemptions fall into the following categories and are subject, in each case, to the policy statement as agreed with the Agency:

(a) short term (i.e. up to six months original maturity) interbank exposures;
(b) exposures to GCC governments, their semi-governmental institutions and agencies that do not operate on a commercial basis, as set out in the guidelines to the PIR/PIRC (see Module CA);
(c) exposures to OECD central governments or exposures secured by OECD central government securities / guarantees;
(d) exposures secured by cash or GCC government securities / guarantees;
(e) certain connected exposures, in particular those arising from a group Treasury function (see paragraphs CM-5.6.3 to CM-5.6.6);
(f) exposures which are covered by a guarantee from the bank's parent (see paragraphs CM-5.6.7 to CM-5.6.10); and
(g) exposures arising from underwriting activities, such exposures continuing for no more than 90 calendar days. Underwriting exposures should normally be part of the trading book of a bank. Any residual holdings of securities held for more than 90 days from the commitment date of underwriting are no longer exempt and are subject to normal large exposure limits.