The Building Societies (Financial Assistance) Order 2010

Interpretation

2.—(1) In this Order—

“the 1986 Act” means the Building Societies Act 1986(1);

“the Authority” means the Financial Services Authority(2);

“qualifying institution” means the Treasury, the Bank of England, another central bank of a Member State of the European Economic Area or the European Central Bank;

“relevant building society” means any building society which—

(a)

receives financial assistance(3) from a qualifying institution,

(b)

has entered into an agreement with a qualifying institution under which it may receive financial assistance from that institution, or

(c)

has received an offer of such an agreement, or of financial assistance, from a qualifying institution;

“section 1(1)(a) function” means the function of the Authority set out in section 1(1)(a) of the 1986 Act (functions of the Authority)(4).

(2) References in this Order to a qualifying institution include—

(a) any person acting for or on behalf of that qualifying institution;

(b) any person providing, offering, or entering into an agreement for the provision of, financial assistance to a building society, who does so on the basis of financial assistance that person receives from the qualifying institution in question for that purpose.

(1)

1986 c.53.

(2)

See section 1 of the Financial Services and Markets Act 2000 (c.8).

(3)

See section 257 of the Banking Act 2009.

(4)

Section 1 was substituted by S.I. 2001/2617.