Regulation 2 Amendment of principal regulations

The Banking Act 1987 (Exempt Transactions) Regulations 1988^f1 shall be amended by inserting after regulation 10 the following new regulation:

“Student Loans Company Limited

10A

(1)

The acceptance by Student Loans Company Limited of a deposit made by a government department is an exempt transaction if the deposit is accepted in furtherance of arrangements made by the Secretary of State under the Education(Student Loans) Act 1990^f2, or by the Department of Education for Northern Ireland under the Education (Student Loans) (Northern Ireland) Order 1990^f3, for enabling eligible students to receive loans towards their maintenance.

(2)

In this regulation “eligible students” has the meaning ascribed to it by section 1(2) of the Education (Student Loans) Act 1990 or, as the case may be, Article 3(2) of the Education (Student Loans) (Northern Ireland) Order 1990.”.