# Banking Act 1987 (repealed), Paragraph 6

Extent: E+W+S+N.I.

(1) The institution will at the time when authorisation is granted to it have initial capital amounting to not less than ecu 5 million (or an amount of equal value denominated wholly or partly in another unit of account).
(2) In this paragraph ’ecu’ and ’initial capital’ have the same meanings as in the Banking Coordination (Second Council Directive) Regulations 1992.

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Source: https://www.legislation.gov.uk/ukpga/1987/22/schedule/3/paragraph/6 (the official version)
Page: https://openlegislation.uk/banking-act-1987-repealed/schedule-3/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.