PART III SPECIFIED INVESTMENTS
Government and public securities78
1
Subject to paragraph (2), loan stock, bonds and other instruments creating or acknowledging indebtedness, issued by or on behalf of any of the following—
a
the government of the United Kingdom;
b
the Scottish Administration;
c
the Executive Committee of the Northern Ireland Assembly;
d
the National Assembly for Wales;
e
the government of any country or territory outside the United Kingdom;
f
a local authority in the United Kingdom or elsewhere; or
2
F1Subject to paragraph (3), there are excluded from paragraph (1)—
a
so far as applicable, the instruments mentioned in article 77(2)(a) to (d);
b
any instrument creating or acknowledging indebtedness in respect of—
i
money received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank;
F23
Paragraph (2)(a) does not exclude an instrument which meets the requirements set out in sub-paragraphs (a) to (e) of article 77A(2).