514. Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) Regulations 1995 (rate of interest) is amended as follows—
(a)for sub-paragraph (a)(1) of paragraph (5) of that regulation, substitute—
“(a)the reference banks, in relation to any reference day, are the seven largest persons 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 effective as mentioned in paragraphs (2), (3) and (4); and”;
(b)in sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)in paragraph (6) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”;
(d)after paragraph (7) of that regulation insert—
“(8) Paragraph (5)(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.”.
Regulation 18(3)(a) was amended by S.I. 1998/1129.