Article 484 Meaning of “reference banks”I1

Regulation T8^f1 of the National Health Service Pension Scheme Regulations 1995 (interest on late benefits) is amended as follows.

In paragraph (4) of that regulation, for the definition of “reference banks” substitute—

• ““reference banks” means the four largest persons for the time being who—

  1. (a)

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

  2. (b)

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

  3. (c)

     quote a base rate applicable to sterling deposits.”.

After paragraph (4) of that regulation insert—

“(5)

The definition of “reference banks” in paragraph (4) above 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.”.