Regulation 10 Criteria for the designation of a bank

(1)

The Treasury may designate a bank only if it is—

(a)

an institution that is a bank for the purposes of Part 1 of the Banking Act 2009^f1, or

(b)

a finance provider that is a member of a banking group as defined in section 1164 of the Companies Act 2006^f2.

(2)

The Treasury must revoke the designation of a bank that no longer falls within paragraph (1)(a) or (b).

(3)

In considering whether to designate a bank or revoke the designation of a bank, the Treasury must have regard to—

(a)

the value of current lending by the bank to small and medium sized businesses;

(b)

such value as a proportion of the total value of current lending to small and medium sized businesses;

(c)

the importance to the economy in Northern Ireland of the bank’s current lending to small and medium sized businesses.

(4)

In considering whether to designate a bank or to revoke the designation of a bank, the Treasury may also have regard to such other matters as they consider appropriate.

Annotations

Footnotes

f1: 2009 c. 1.
f2: Section 1164 was amended by paragraph 12 of Schedule 18 to the Financial Services Act 2012 (c. 21).