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Banking Act 1979

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This is the original version (as it was originally enacted).

5(1)Without prejudice to paragraph 6 below but subject to sub-paragraph (2) below, the institution will at the time recognition is granted to it have net assets which amount to not less than—

(a)£5 million, if it is an institution which provides or will provide a wide range of banking services ;

and (b) £250,000, if it provides or will provide a highly specialised banking service.

(2)Sub-paragraph (1) above does not apply to an institution which, on the day appointed for the purposes of subsection (4) of section 2 of this Act, was carrying on a deposit-taking business in the United Kingdom if—

(a)the grant of recognition referred to in that sub-paragraph is made pursuant to an application made at any time during the period referred to in paragraph (a) of that subsection ; and

(b)the institution has carried on such a business continuously throughout the period beginning on 9th November 1978 and ending on the date of its application for recognition.

(3)In sub-paragraph (1) above " net assets ", in relation to a body corporate, means paid-up capital and reserves.

(4)After consultation with the Bank, the Treasury may by order vary either or both of the sums specified in sub-paragraph (1) above.

(5)The power to make an order under sub-paragraph (4) above shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

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