For each currency and each country the spread referred to in Article 77d(2) and (4) of Directive 2009/138/EC shall be equal to the following:
S = w_{\mathrm{gov}} \cdot \max (S_{\mathrm{gov}},0) + w_{\mathrm{corp}} \cdot \max (S_{\mathrm{corp}},0)
where:
((a))(a) w_{gov} denotes the ratio of the value of government bonds included in the reference portfolio of assets for that currency or country and the value of all the assets included in that reference portfolio;
((b))(b) S_{gov} denotes the average currency spread on government bonds included in the reference portfolio of assets for that currency or country;
((c))(c) w_{corp} denotes the ratio of the value of bonds other than government bonds, loans and securitisations included in the reference portfolio of assets for that currency or country and the value of all the assets included in that reference portfolio;
((d))(d) S_{corp} denotes the average currency spread on bonds other than government bonds, loans and securitisations included in the reference portfolio of assets for that currency or country.
For the purposes of this Article, ‘government bonds’ means exposures to central governments and central banks.