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The National Savings Bank (Amendment) (No. 2) Regulations 2008 (revoked)

S.I. 2008/1142 · Made 21 April 2008 · Extends to United Kingdom

As made. This is the original text, without later amendments. Read the latest version.

Savings Banks

Made 21st April 2008

Laid before Parliament 21st April 2008

Coming into force 12th May 2008

The Treasury, in exercise of the powers conferred upon them by section 2(1) of the National Savings Bank Act 1971f1, as extended by sections 3(2) and 8(3)(f) and (g) of that Act, make the following Regulations:

Annotations to the whole text

Footnotes

f1

1971 c.29.

Contents

  1. 1Citation, commencement and interpretation
  2. 2Citation, commencement and interpretation
  3. 3Citation, commencement and interpretation
  4. 4Transfer of ordinary deposits
  5. 5Transfer of sums held by the Commissioners
  6. 6Transfer of sums held by the Commissioners
  7. Signature
  8. Explanatory note

1Citation, commencement and interpretation

These Regulations may be cited as the National Savings Bank (Amendment) (No.2) Regulations 2008.

2Citation, commencement and interpretation

These Regulations shall come into force on 12th May 2008.

3Citation, commencement and interpretation

In these Regulations “the 1972 Regulations” means the National Savings Bank Regulations 1972f1.

4Transfer of ordinary deposits

(1)

The 1972 Regulations are amended as follows.

(2)

After regulation 2Bf1 (Closure of ordinary deposit accounts) insert—

“2BA.

If a valid application to withdraw the whole amount referred to in regulation 2B(c) above from an ordinary account has not been made before 12th May 2008, the Director of Savings may transfer the balance standing to the credit of that account and any accrued interest that has not been credited to that account to an investment account in the name of the person in whose name the ordinary account is held.

2BB.

Where the Director of Savings is unable for any reason to transfer the balance due on an ordinary account in accordance with regulation 2BA above, the Director of Savings may transfer that balance (and any accrued interest that has not been credited to that account) to a special Director’s account.”.

5Transfer of sums held by the Commissioners

Upon making a transfer under regulation 2BA or 2BB of the 1972 Regulations, or as soon as reasonably practicable after making such a transfer, the Director of Savings shall notify the Commissioners in writing of the amount transferred.

6Transfer of sums held by the Commissioners

As soon as reasonably practicable after receiving a notice under regulation 5 above, the Commissioners shall pay into the National Loans Fund an amount equal to the amount notified as transferred.

Signature

Frank Roy

Alan Campbell

Two of the Lords Commissioners

of Her Majesty’s Treasury

21st April 2008

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the National Savings Bank Regulations 1972 to provide that where no valid application has been made to withdraw all the money in an ordinary account before 12th May 2008, that money may be transferred by the Director of Savings to an investment account in the National Savings Bank.

These Regulations also require the Commissioners for the Reduction of the National Debt to transfer to the National Loans Fund moneys equal to the amount of the liabilities being transferred from ordinary accounts to investment accounts.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.