(1)In the [1987 c. 22.] Banking Act 1987, in section 86(2)(a), after “functions” there is inserted “or any functions in its capacity as a designated agency within the meaning of the [1986 c. 60.] Financial Services Act 1986”.
(2)Section 86(5) of that Act as applied by paragraph 57(1) of Schedule 5 shall have effect with the following modifications—
(a)in the definition of “relevant functions”, at the end there is inserted “and its functions as a supervisor of systems for the transfer of funds between credit institutions and their customers”, and
(b)in the definition of “relevant recipient”, for “1 to 8” there is substituted “1 to 9”.
(3)Section 87(3A) of that Act as applied by paragraph 59(1) of Schedule 5 shall have effect with the following modifications—
(a)in the definition of “relevant functions”, at the end there is inserted “and its functions as a supervisor of systems for the transfer of funds between credit institutions and their customers”, and
(b)in the definition of “relevant recipient”, for “1 to 8” there is substituted “1 to 9”.
(4)Part V of that Act shall have effect, in relation to information relating to the business or other affairs of institutions which are authorised institutions, but not credit institutions, within the meaning of that Act, with the amendments made by the following regulations—
(a)regulations 38, 39(2) to (4) and 40 to 42 of the [S.I. 1992/3218.] Banking Coordination (Second Council Directive) Regulations 1992, and
(b)regulation 5 of the [S.I. 1996/1669.] Financial Institutions (Prudential Supervision) Regulations 1996.