Regulation 3 Amendment of the 1994 RegulationsI1

regulation 16 shall be replaced by the following regulation:

“16

A society need not cover its liabilities by assets in a particular currency if those assets would amount to 7 per cent. or less of the remainder of its assets in other currencies.”; and

in regulation 19(1), in the definition of “approved financial institution”, there shall be inserted, before “the central bank of an EEA State”, “the European Central Bank”.