Amendment of principal Regulations

3.  The Schedule to the Building Societies (Liquid Asset) Regulations 1991(1) shall be amended—

(a)by the substitution of the following for paragraph 8 of Part I—

“8.  Stock lending rights arising from the lending of securities issued in the United Kingdom by Her Majesty’s Government.”;

(b)by the addition after paragraph 9 of Part I of the following additional paragraph—

“10.  Rights arising from the lending under the rules of any depository or clearing agent of any securities which come within paragraph 3, 4 or 7 above and which are recorded in the records of the depository or clearing agent in the name of the society or of any person who holds such securities on the society’s behalf.”; and

(c)by the addition in Part III after the definition of “Stock Exchange money broker” of the following additional definition—

““stock lending right” means a right of a person who has transferred a security to another person to receive, or to call for the transfer to some other person of, a security of the same issue and amount as the security so transferred.”.