OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations remove references to Time Deposits in the Building Societies (Accounts and Related Provisions) Regulations 1987 (S.I. 1987/2072); building societies will cease to mention such deposits in their annual accounts compiled after the coming into operation of the Regulations.

The Regulations follow the removal of Time Deposits (as defined in the section) from section 7 of the Building Societies Act 1986 as a category of non-retail funds, by the Building Societies (Non-Retail Funds and Deposits) Order 1990 (S.I. 1990/2363).