4. All deposits with– (a)Any local authority, or (b)Any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute, which is an exempt person (within the meaning of the Financial Services and Markets Act 2000)(1) in respect of accepting deposits as a result of an order made under section 38(1) of that Act (exemption orders), and all loans (but see paragraph 12 of Part II). |