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The Building Societies (Liquid Asset) (Amendment) Regulations 1989

S.I. 1989/1701 · Made 19 September 1989

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

BUILDING SOCIETIES

Made 19th September 1989

Laid before Parliament 28th September 1989

Coming into force 1st November 1989

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred upon it by section 21(7) of the Building Societies Act 1986f1, and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1986 c. 53.

Contents

  1. 1Citation and commencement
  2. 2Amendment of previous Regulations
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Building Societies (Liquid Asset) (Amendment) Regulations 1989 and shall come into force on 1st November 1989.

2Amendment of previous Regulations

Paragraph 1 of Part II of the Schedule to the Building Societies (Liquid Asset) Regulations 1987f1 (which provides that an asset, other than cash, which comes within Part I of the Schedule to the Regulations is a liquid asset only where any obligation of the person whose liability that asset represents to make any payment in respect thereof is expressed in sterling) shall cease to have effect.

Signature

In witness whereof the common seal of the Building Societies Commision is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 11th September 1989.

P. H. Gevers

Secretary to the Commission

We consent to this Order.

Nigel Lawson

David Lightbown

Two of the Lords Commissioners of Her Majesty’s Treasury

19th September 1989

Explanatory note

(This note is not part of the Regulations)

These Regulations remove the restriction in the Building Societies (Liquid Asset) Regulations 1987 which, except in the case of cash, limited the liquid assets which a building society may hold under section 21 of the Building Societies Act 1986 to enable it to meet its liabilities as they arise to assets representing liabilities expressed in sterling.