Paragraph 1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. words revoked by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 398(4)
Sch. para. 1 substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 398(5)
Sch. para. 8 words substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 398(6)
Sch. words substituted by Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) 1998 Sch. 1 para. 9
Sch. para. 2 words substituted by Financial Services and Markets Act 2000 (Consequential Amendments) 2002 art. 34(3)

In section 8, after subsection (1) there shall be inserted the following subsection:–

“(1A)

For the purposes of a petition presented by the Bank of England alone or together with any other party an authorised institution or former authorised institution within the meaning of the Banking Act 1987 which defaults in an obligation to pay any sum due and payable in respect of a deposit within the meaning of section 92 of that Act shall be deemed to be unable to pay its debts as mentioned in subsection (1) above.”.