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Regulation 2 Interpretation

Original text. Later amendments are not shown.

In these Regulations—

  • “the Act” means the Banking Act 2009;

  • “HMRC” means Her Majesty’s Revenue and Customs;

  • “Objective 1” means the first objective of bank administration as defined in sections 137 and 138 of the Act;

  • “order” means a bank administration order (see section 141 of the Act);

  • “original bank” means a bank as it existed before a property transfer instrument was made in relation to it;

  • “residual bank”—

    in Regulations 5 to 10, has the meaning given by section 157(2) of the Act;

    in the Schedule, means a bank in temporary public ownership all or part of whose business has been transferred in accordance with a property transfer order made under section 45(2) of the Act;

  • “transferred business” —

    1. (a)

      in Regulations 5 to 10, means the part of an original bank’s business transferred under a property transfer instrument;

    2. (b)

      in the Schedule, means the part of the bank in temporary public ownership’s business transferred in accordance with a property transfer order made under section 45(2) of the Act.