Article 419 Meaning of “the reference banks”I1

In article 2 of the Opencast Coal (Rate of Interest on Compensation) Order 1992, for paragraph (2)(b)^f1 substitute—

“(b)

the reference banks are the seven largest persons for the time being who—

(i)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(iii)

quote a base rate in sterling; and”.

In paragraph (2)(c) of article 2, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

In paragraph (3) of article 2, for “an institution” substitute “a person” and for “that institution” substitute “that person”.

After paragraph (3) of that article insert—

“(4)

Paragraph (2)(b) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.