OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend the Banking Act 1987 (Exempt Transactions) Regulations 1988 by inserting a new regulation 10A. This prescribes the acceptance by Students Loans Company Limited of a deposit made by a government department in furtherance of arrangements made by the Secretary of State under the Education (Student Loans) Act 1990, or by the Department of Education for Northern Ireland under the Education (Student Loans) (Northern Ireland) Order 1990, as a transaction to which the prohibition on deposit-taking imposed by section 3 of the Banking Act 1987 does not apply.