The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Interest on unpaid levies

485.  The Local Government Residuary Body (England) Order 1995 is amended as follows—

(a) for paragraph (3)(a) of article 24(1) (interest on unpaid levies), substitute—

“(a) the reference banks are the seven largest persons for the time being who—

(i) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(iii) quote a base rate in sterling.”;

(b) in paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

(c) in paragraph (4) of that article, the definition of “deposit-taking business” is revoked;

(d) in the second sub-paragraph of paragraph (4) for “an institution” substitute “a person” and for “that institution” substitute “that person”; and

(e) after paragraph (4) of that article insert—

“(5) Paragraph (3)(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.”.

(1)

Article 24(3) was amended by S.I. 1998/1129.