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37.—(1) In subsection (1) of section 25 of the 1986 Act(1) (the Investor Protection Fund), for the words “building societies” there shall be substituted the words “participating institutions”.
(2) After subsection (3) of that section there shall be inserted the following subsection—
“(3A) In subsection (3) above, the reference to Treasury bills includes a reference to bills and other short-term instruments issued by the government of another EEA State and appearing to the Bank of England to correspond as nearly as may be to Treasury bills:”
(3) In subsection (5) of that section, in the definition of “the expenses attributable to the insolvency”, for the words “building society” there shall be substituted the words “participating institution”.
1986 c. 53; section 25 was amended by the Banking Act 1987 (c. 22), section 108(1) and Schedule 6, paragraph 26(2) and (3), and section 108(2) and Schedule 7, Part I, and extended by the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218), regulation 82(1) and Schedule 10, paragraph 22.
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