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Post Office Act 1969

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This is the original version (as it was originally enacted).

Banking

40The Post Office as banker

So far as regards the provision by it, in exercise of the power conferred on it by virtue of section 7(1)(b) of this Act, of a banking service, the Post Office shall be deemed for all purposes to be a bank and a banker and to be carrying on the business of banking and a banking undertaking, but shall not be required to furnish to the Commissioners of Inland Revenue any returns under the provisions of section 21 of the Bank Charter Act 1844 or section 13 of the Bank Notes (Scotland) Act 1845.

41The Post Office's liabilities as banker to be matched by cash and liquid assets

So long as the Post Office provides, in exercise of the power conferred on it by virtue of section 7(1)(b) of this Act, a banking service, it shall be its duty to secure that, at every point of time in any period.—

(a)such proportion of the aggregate of the sums owed at that point of time by it to persons in the capacity of customers of its with reference to that service as has previously been determined, in relation to that period, by it with the approval of the Treasury, is matched by assets of its of one or more of the classes specified in Part I of Schedule 2 to this Act; and

(b)the residue of that aggregate is matched by assets of its of one or more of the classes specified in Part II of that Schedule.

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