Part XXIII Companies and Credit and Financial Institutions (Branch Disclosure) Regulations (Northern Ireland) 1993

Implementation of the Bank Branches Directive

2.—(1) Before Article 649(1) of the 1986 Order there shall be inserted—

“Credit and financial institutions to which the Bank Branches Directive (89/117/EEC) applies

648A.— (1) This Article applies to any credit or financial institution—

(a) which is incorporated or otherwise formed outside the United Kingdom and Gibraltar.

(b) whose head office is outside the United Kingdom and Gibraltar, and

(c) which has a branch in Northern Ireland.

(2) Schedule 20C (delivery of accounts and reports) shall have effect in relation to any institution to which this Article applies.

(3) In this Article—

• “branch,” in relation to a credit or financial institution, means a place of business which forms a legally dependent part of the institution and which conducts directly all or some of the operations inherent in its business;

• “credit institution” means a credit institution as defined in Article 1 of the First Council Directive on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (77/780/EEC), that is to say an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account;

• “financial institution” means a financial institution within the meaning of Article 1 of the Council Directive on the obligations of branches established in a Member State of credit and financial institutions having their head offices outside that Member State regarding the publication of annual accounting documents (the Bank Branches Directive, 89/117/EEC); and

• “undertaking” has the same meaning is in Part VIII.

Scope of Articles 649 to 652

648B.   Articles 649 to 652 shall not apply to any institution to which Article 648A applies.”.

(2) The Schedule set out in Schedule 1 shall be inserted after Schedule 20B(2) to the 1986 Order.

(1)

Articles 649 to 652 of the 1986 Order were substituted by Article 25 of and paragraph 18 of Schedule 10 to the Companies (Northern Ireland) Order 1990, S.I. 1990/593 (N.I. 5)

(2)

Schedule 20B is inserted by regulation 3(1) and paragraph 5 of Schedule 2