Article 54 Definition of “authorised bank”

In paragraph (2), for sub-paragraph (a) of the definition of “authorised bank” substitute—

“(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(ab)

an EEA firm of the kind mentioned in paragraph 5(b) 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(1) of that Schedule) to accept deposits;

(ac)

a municipal bank, that is to say a company which, immediately before the 1st December 2001 fell within the definition in section 103 of the Banking Act 1987^f1;”.

After paragraph (2) insert—

“(2A)

Sub-paragraphs (a) and (ab) of the definition of “authorised bank” in paragraph (2) 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.”.