Article 581 Meaning of “qualifying lending institution”I1

Article 3 of the Social Landlords (Additional Purposes or Objects) Order 1999 (priority of mortgages) is amended as follows.

In paragraph (3), for the definition of “qualifying lending institution” substitute—

• ““qualifying lending institution” means—

  1. (a)

     the Corporation;

  2. (b)

     a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or

  3. (c)

     an EEA firm of the kind mentioned in paragraph 5(b) or (d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) either—

     1. (i)

        to accept deposits; or

     2. (ii)

        to effect or carry out contracts of insurance;”;