local authority securities

any of the following:

1. (a) a non-readily realisable security or non-mass market investment (other than a unit in an unregulated collective investment scheme) issued, or to be issued, by a local authority;
1. (b) a P2P agreement entered, or to be entered, into by a local authority as borrower;
1. (c) a P2P portfolio consisting exclusively of agreements entered, or to be entered, into by one or more local authorities as borrower.