PART 8 MISCELLANEOUS AMENDMENTS TO PRIMARY LEGISLATION

Local Government and Housing Act 1989 (c. 42)

318 Borrowing powers of local authorities
1 Section 43 of the Local Government and Housing Act 1989 (borrowing powers) is amended as follows.
2 In paragraph (a) of subsection (2), for “an authorised institution within the meaning of the Banking Act 1987” substitute “a deposit-taker”.
3 In that subsection, the words after paragraph (c) are repealed.
4 After subsection (8) insert—

“9 In this section—
(a) “deposit-taker” means—
(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(ii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits; and
(b) “short-term”, in relation to borrowing, is to be read with section 45(6).
10 Subsection (9)(a) 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.”

.