Regulation 2 Interpretation

In these Regulations—

• “the 2015 Regulations” means the National Savings Regulations 2015^f1;

• “account” means any account in the National Savings Bank;

• “additional payment” means a payment made under regulation 5(3)(b);

• “bond” has the meaning given in regulation 2 of the 2015 Regulations;

• “certificate” has the meaning given in regulation 2 of the 2015 Regulations;

• “contractual interest” means any interest or other amount that has accrued in relation to a relevant holding which has been added to its value in accordance with the terms and conditions applying to that relevant holding;

• “date of determination” means the date that the Director of Savings determines to be the appropriate date to which a payment under regulation 5(3)(a) is to be calculated;

• “deposit” has the meaning given in regulation 2 of the 2015 Regulations;

• “depositor” means a person in whose name deposits have been made in the National Savings Bank;

• “direct ISA” has the meaning given in regulation 4 (3) of the 2015 Regulations;

• “eligible claim” has the meaning given in regulation 4;

• “payment” means a payment determined in accordance with regulation 5;

• “personal representative” means—

  1. (a)

     the legal personal representative of a deceased person, or

  2. (b)

     the person to whom the Director of Savings may make a payment without a grant of representation under regulation 54 of the 2015 Regulations;

• “relevant holding” means—

  1. (a)

     any account, bond, certificate, deposit, direct ISA, Treasury security, or stock registered by the Director of Savings in the name of a person who is now deceased, or

  2. (b)

     any interest registered in the name of a person who is now deceased in any account in the name of the Director of Savings;

• “relevant person” means the person to whom a payment is to be paid in accordance with regulation 6;

• “the Scheme” means a National Savings remediation scheme established by regulation 3(1);

• “stock” has the meaning given in regulation 2 of the 2015 Regulations;

• “Treasury security” has the meaning given in regulation 2 of the 2015 Regulations.