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Banking Act 1987 (repealed) in Northern Ireland

1987 c. 22 · Enacted 15 May 1987 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 December 2001.

Annotations to the whole text

Textual amendments

F1

Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)

Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2

Contents

  1. Part I: Regulation of Deposit-Taking Business
  2. The Bank of England and the Board of Banking Supervision
  3. 1Functions and duties of the Bank of England.
  4. 2The Board of Banking Supervision.
  5. Restriction on acceptance of deposits
  6. 3Restriction on acceptance of deposits.
  7. 4Exempted persons and exempted transactions.
  8. 5Meaning of “deposit”.
  9. 6Meaning of “deposit-taking business”.
  10. 7Power to amend definitions.
  11. Authorisations
  12. 8Applications for authorisation.
  13. 9Grant and refusal of authorisation.
  14. 10Notice of grant or refusal.
  15. 11Revocation of authorisation.
  16. 12Restriction of authorisation.
  17. 12ARevocation or restriction on information from supervisory authority.
  18. 13Notice of revocation or restriction.
  19. 14Mandatory revocation and restriction in cases of urgency.
  20. 15Surrender of authorisation.
  21. 16Statement of principles.
  22. 17Information as to authorised institutions.
  23. 18False statements as to authorised status.
  24. Directions
  25. 19Directions to institutions.
  26. 20Notification and confirmation of directions.
  27. Objections to controllers
  28. 21Notification of new or increased control.
  29. 22Objection to new or increased control.
  30. 23Objection by direction of the Treasury.
  31. 24Objection to existing shareholder controller.
  32. 25Contraventions by controller.
  33. 26Restrictions on and sale of shares.
  34. Appeals
  35. 27Rights of appeal.
  36. 28Constitution of tribunals.
  37. 29Determination of appeals.
  38. 30Costs, procedure and evidence.
  39. 31Further appeals on points of law.
  40. Invitations to make deposits
  41. 32Advertisement regulations.
  42. 33Advertisement directions.
  43. 34Unsolicited calls.
  44. 35Fraudulent inducement to make a deposit.
  45. Information
  46. 36Notification of change of director, controller or manager.
  47. 37Notification of acquisition of significant shareholding.
  48. 38Reports of large exposures.
  49. 39Power to obtain information and require production of documents.
  50. 40Right of entry to obtain information and documents.
  51. Investigations
  52. 41Investigations on behalf of the Authority.
  53. 42Investigation of suspected contraventions.
  54. 43Powers of entry in cases of suspected contraventions.
  55. 44Obstruction of investigations.
  56. Accounts and auditors
  57. 45Audited accounts to be open to inspection.
  58. 46Notification in respect of auditors.
  59. 47Communication by auditor etc. with the Authority.
  60. Unauthorised acceptance of deposits
  61. 48Repayment of unauthorised deposits.
  62. 49Profits from unauthorised deposits.
  63. Part II: The Deposit Protection Scheme
  64. The Board and the Fund
  65. 50The Deposit Protection Board.
  66. 51The Deposit Protection Fund.
  67. Contributions to the Fund
  68. 52Contributory institutions and general provisions as to contributions.
  69. 53Initial contributions.
  70. 54Further contributions.
  71. 55Special contributions.
  72. 56Maximum and minimum contributions.
  73. 57Deposit base of transferee institutions.
  74. Payments out of the Fund
  75. 58Compensation payments to depositors.
  76. 59Meaning of insolvency etc.
  77. 60Protected deposits.
  78. 61Trustee deposits, joint deposits etc.
  79. 62Liability of institution in respect of compensation payments.
  80. Repayments in respect of contributions
  81. 63Repayments in respect of contributions.
  82. Supplementary provisions
  83. 64Borrowing powers.
  84. 65Power to obtain information.
  85. 66Tax treatment of contributions and repayments.
  86. Part III: Banking Names and Descriptions
  87. 67Restriction on use of banking names.
  88. 68Exemptions from s. 67.
  89. 69Restriction on use of banking descriptions.
  90. 70Power to object to institution’s names.
  91. 71Effect of notices under s. 70 and appeals.
  92. 72Registration of substitute corporate name by oversea company.
  93. 73Offences under Part III.
  94. Part IV: Overseas Institutions with Representative Offices
  95. 74Meaning of “overseas institution” and “representative office”.
  96. 75Notice of establishment of representative office.
  97. 76Power to object to names of overseas institutions.
  98. 77Effect of notices under s. 76 and appeals.
  99. 78Registration of substitute corporate name by overseas institution.
  100. 80Regulations imposing requirements on overseas-based banks.
  101. 81Offences under Part IV.
  102. Part V: Restriction on Disclosure of Information
  103. 82Restricted information.
  104. 83Disclosure for facilitating discharge of functions by the Bank.
  105. 84Obstruction of investigations.
  106. 85Objection by direction of the Treasury.
  107. 86Information supplied to Bank by relevant overseas authority etc.
  108. 87Notification of acquisition of significant shareholding.
  109. Part VI: Miscellaneous and Supplementary
  110. 88Exclusion of authorised institution’s agreements from Consumer Credit Act 1974.
  111. 89Electronic transfer of funds.
  112. 90Disclosure of transactions by authorised institutions with chief executives and managers.
  113. 91Powers for securing reciprocal facilities for banking and other financial business.1986 c. 60.
  114. 92Winding up on petition from the Authority.
  115. 93Injunctions.
  116. 94False and misleading information.
  117. 95Restriction of Rehabilitation of Offenders Act 1974.
  118. 96Offences.
  119. 97Summary proceedings.
  120. 98Offences committed by unincorporated associations.
  121. 99Service of notices on the Authority.
  122. 100Service of other notices.
  123. 101Evidence.
  124. 102Powers for securing reciprocal facilities for banking and other financial business.
  125. 103Municipal banks.
  126. 104Scottish 1819 savings banks.
  127. 105Meaning of “director”, “controller”, “manager”, and “associate”.
  128. 105AMeaning of related company.
  129. 106Interpretation.
  130. 107Transitional provisions.
  131. 108Minor and consequential amendments, repeals and revocations.
  132. 109Northern Ireland.
  133. 110Short title and commencement.
  134. Schedule 1: The Board of Banking Supervision
  135. Terms of office
  136. 1Paragraph 1
  137. Removal from office
  138. 2Paragraph 2
  139. Increase in number of members
  140. 3Paragraph 3
  141. Proceedings
  142. 4Paragraph 4
  143. Facilities, remuneration and allowances
  144. 5Paragraph 5
  145. Schedule 2: Exempted Persons
  146. 1Paragraph 1
  147. 2Paragraph 2
  148. 3Paragraph 3
  149. 4Paragraph 4
  150. 5Paragraph 5
  151. 6Paragraph 6
  152. 7Paragraph 7
  153. 8Paragraph 8
  154. 9Paragraph 9
  155. 10Paragraph 10
  156. 11Paragraph 11
  157. 12Paragraph 12
  158. 13Paragraph 13
  159. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  160. 14A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  161. 15Paragraph 15
  162. 16Paragraph 16
  163. 17Paragraph 17
  164. 18Paragraph 18
  165. 19Paragraph 19
  166. 20Paragraph 20
  167. 21Paragraph 21
  168. 22Paragraph 22
  169. 23Paragraph 23
  170. 24Paragraph 24
  171. 25Paragraph 25
  172. 26Paragraph 26
  173. Schedule 3: Minimum Criteria for Authorisation
  174. Directors etc. to be fit and proper persons
  175. 1Paragraph 1
  176. Business to be directed by at least two individuals
  177. 2Paragraph 2
  178. Composition of board of directors
  179. 3Paragraph 3
  180. Business to be conducted in prudent manner
  181. 4Paragraph 4
  182. Integrity and skill
  183. 5Paragraph 5
  184. Minimum net assets
  185. 6Paragraph 6
  186. Schedule 4: The Deposit Protection Board
  187. Constitution
  188. 1Paragraph 1
  189. Expenses
  190. 2Paragraph 2
  191. Proceedings
  192. 3Paragraph 3
  193. 4Paragraph 4
  194. Accounts, audit and annual report
  195. 5Paragraph 5
  196. Schedule 5: Transitional Provisions
  197. First report by Bank of England
  198. 1Paragraph 1
  199. Existing recognised banks and licensed institutions
  200. 2Paragraph 2
  201. Conditional licences
  202. 3Paragraph 3
  203. Applications subject to appeal
  204. 4Paragraph 4
  205. Revocation
  206. 5Paragraph 5
  207. Directions
  208. 6Paragraph 6
  209. Information and investigations
  210. 7Paragraph 7
  211. Members of Deposit Protection Board
  212. 8Paragraph 8
  213. Initial contributions by excluded institutions
  214. 9Paragraph 9
  215. Maximum contributions
  216. 10Paragraph 10
  217. Insolvencies before commencement of Part II
  218. 11Paragraph 11
  219. Borrowing
  220. 12Paragraph 12
  221. Use of banking names
  222. 13Paragraph 13
  223. Restriction on disclosure of information
  224. 14Paragraph 14
  225. Schedule 6: Minor and Consequential Amendments
  226. The Bankers’ Books Evidence Act 1879
  227. 1Paragraph 1
  228. The Agricultural Credits Act 1928
  229. 2Paragraph 2
  230. The Agricultural Credits (Scotland) Act 1929
  231. 3Paragraph 3
  232. The Tribunals and Inquiries Act 1971
  233. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  234. The Solicitors Act 1974
  235. 5Paragraph 5
  236. The Home Purchase Assistance and Housing Corporation Guarantee Act 1978
  237. 6Paragraph 6
  238. The Credit Unions Act 1979
  239. 7Paragraph 7
  240. The Crown Agents Act 1979
  241. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  242. The Solicitors (Scotland) Act 1980
  243. 9Paragraph 9
  244. The British Telecommunications Act 1981
  245. 10Paragraph 10
  246. The Supreme Court Act 1981
  247. 11Paragraph 11
  248. The Housing (Northern Ireland) Order 1981
  249. 12Paragraph 12
  250. The Finance Act 1982
  251. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  252. The Duchy of Cornwall Management Act 1982
  253. 14Paragraph 14
  254. The County Courts Act 1984
  255. 15Paragraph 15
  256. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  257. The Inheritance Tax Act 1984
  258. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  259. The Companies Act 1985
  260. 18Paragraph 18
  261. The Trustee Savings Banks Act 1985
  262. 19Paragraph 19
  263. The Bankruptcy (Scotland) Act 1985
  264. 20Paragraph 20
  265. The Housing Act 1985
  266. 21Paragraph 21
  267. The Housing Associations Act 1985
  268. 22Paragraph 22
  269. The Credit Unions (Northern Ireland) Order 1985
  270. 23Paragraph 23
  271. The Finance Act 1986
  272. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  273. The Insolvency Act 1986
  274. 25Paragraph 25
  275. The Building Societies Act 1986
  276. 26Paragraph 26
  277. The Financial Services Act 1986
  278. 27Paragraph 27
  279. The Companies (Northern Ireland) Order 1986
  280. 28Paragraph 28
  281. Schedule 7: Repeals and Revocations
  282. IEnactments
  283. IIInstruments