The Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993

Meaning of specified purposes in relation to Girobank plc

10.  In this Schedule “the specified purposes in relation to Girobank plc” means any or all of the following purposes–

(a) facilitating the provision of banking services by the society, by Girobank plc or any other associated body of the society, including, in the case of Girobank plc, the lending of money to the public on the security of land by loans corresponding to advances secured on land and the acceptance of deposits of money in the course of a deposit–taking business;

(b) enabling Girobank plc to perform its obligations and to discharge its functions under any agreement entered into between the Secretary of State, the Post Office and Girobank plc in relation to the Universal Postal Union established on 10th July 1964 or any agreement or instrument made by and pursuant to that Union, and

(c) enabling Girobank plc to acquire and hold liquid assets in accordance with the Building Societies (Liquid Asset) Regulations 1991(1) but with the word “deposit” in those regulations having the meaning in section 5 of the Banking Act 1987(2) which it would have for the purposes of that Act were not section 5(3)(a) and (c) (which excludes sums paid by banks and lending businesses) included therein.

(1)

1982 c. 50.

(2)

S.I. 1991/2580 amended by S.I. 1992/2930.