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

The Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 (S.I. 1992/2184 (S. 218))

Definition of “reference banks”

241.—(1) Regulation 4 of the Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 (calculation of interest—repayment on or after 1st October 1992) is amended as follows.

(2) In paragraph (3)—

(a) for the words from “seven” to “United Kingdom” substitute—

“seven largest persons who—

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

(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits;”; and

(b) for the words “an institution” substitute “a person”; for the words “that institution” substitute “that person” and for the word “its” substitute “the”.

(3) After paragraph (3) insert—

“(4) Paragraph (3) 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.”.