1992 No. 620
The Collection Fund (England) (Amendment) Regulations 1992
Made
Laid before Parliament
Coming into force
The Secretary of State for the Environment, in exercise of the powers conferred on him by sections 99(1) and (2)(d), 140(4) and 143(2) of the Local Government Finance Act 19881, and of all others powers enabling him in that behalf, hereby makes the following Regulations:
1
These Regulations may be cited as the Collection Fund (England) (Amendment) Regulations 1992 and shall come into force on 1st April 1992.
2
Regulation 8 of the Collection Fund (England) Regulations 19892 shall be amended—
a
in paragraph (1), by the substitution of the words “any of the reference banks” for the words “members of the Committee of London and Scottish Bankers”;
b
by the insertion after paragraph (2) of the following:
3
For the purposes of paragraph (1)—
a
the reference banks are the seven largest institutions—
i
authorised by the Bank of England under the Banking Act 19873 and
ii
incorporated in and carrying on a deposit-taking business within the United Kingdom, which quote a base rate in sterling;
b
the size of an institution is to be determined by reference to its total consolidated gross assets denominated in sterling, as shown in its audited end-year accounts last published before the period for which interest is payable begins.
4
In paragraph (3)(b), the reference to the consolidated gross assets of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985)4.
(This note is not part of the Regulations)