- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
427.—(1) For paragraph (3) of regulation 8 of the Local Authorities (Funds) (England) Regulations 1992 (calculation of interest on amount of instalments) substitute—
“(3) For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(a)have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(b)are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
(c)quote a base rate in sterling.”.
(2) In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3) In paragraph (5) of that regulation—
(a)in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(b)the definition of “a deposit-taking business” is revoked.
(4) After paragraph (5) of that regulation insert—
“(6) Paragraph (3) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.”.
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: