overdraft facility

(1) (in CONC App 1.2 and SUP 16 Annex 21R ) an explicit agreement whereby a lender makes available to a borrower funds which exceed the current balance in the borrower's current account.

(2) (in MCOB 10A) an explicit agreement whereby an MCD creditor makes available to a consumer funds which exceed the current balance in the consumer's current account.

[Note: Annex I Part II of the MCD and article 3(d) of the Consumer Credit Directive]