Paragraph 24 InterpretationF1

In this Schedule—

• “bank” means a person who is authorised—

  1. (a)

     to accept deposits, or

  2. (b)

     to issue electronic money;

• “direct deduction order” means a regular direct deduction order or a lump sum direct deduction order;

• “joint account” means an account held by more than one person;

• “lump sum direct deduction order” has the meaning given by paragraph 1(5);

• “regular direct deduction order” has the meaning given by paragraph 1(4);

• “sole account” means an account held by one person.

For the purposes of paragraph (a) in the definition of “bank” in sub-paragraph (1)—

For the purposes of paragraph (b) in the definition of “bank” in sub-paragraph (1), a person is authorised to issue electronic money if—

In sub-paragraph (3), “electronic money” and “electronic money institution” have the meanings given by regulation 2(1) of those Regulations (and references to the issue of electronic money are to be construed in accordance with those Regulations).

In this Schedule, references to an amount in an account are to an amount standing to the credit of the account.

In this Schedule, references to a person holding an account include references to—

and “holder” is to be read accordingly.