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

The Non-Domestic Rating (Payment of Interest) Regulations 1990 (S.I. 1990/1904)

Meaning of “the reference banks”

412.—(1) In regulation 4 of the Non-Domestic Rating (Payment of Interest) Regulations 1990 (rates of interest) for paragraph (2)(b)(1) substitute—

“(b) the reference banks, in relation to any 15th March, 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 sub-paragraph (a); and”.

(2) In paragraph (2)(c) of that regulation for “institution” substitute “person” and for “its” (in both places) substitute “his”.

(3) In paragraph (3) of that regulation, for “institution” substitute “person”.

(4) After paragraph (3) insert—

“(4) Paragraph (2)(b) 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)

Paragraphs (2) and (3) were substituted for paragraph (2) as originally enacted by S.I. 1991/2111, regulation 4(b), and paragraph (2)(b)(i) was amended by S.I. 1998/1129, article 3, Schedule 2.