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The National Savings Bank (Amendment) (No. 2) Regulations 2008
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- 2008 No. 1142
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the National Savings Bank Regulations 1972 to provide that where no valid application has been made to withdraw all the money in an ordinary account before 12th May 2008, that money may be transferred by the Director of Savings to an investment account in the National Savings Bank.
These Regulations also require the Commissioners for the Reduction of the National Debt to transfer to the National Loans Fund moneys equal to the amount of the liabilities being transferred from ordinary accounts to investment accounts.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.
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