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The Treasury Bills (Amendment) Regulations 1988
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- UK Statutory Instruments
- 1988 No. 1603
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Treasury Bills Regulations 1968. Regulation 2 is amended to enable an invitation to tender for Treasury bills to be published by means other than the London Gazette. Regulation 3 and Schedule 1 are amended to set out the form of Treasury bills denominated in ECU. Regulation 4 is amended to provide that Treasury bills will be prepared in the denominations specified in the warrant issued by the Treasury. Regulation 6 is amended to describe how payment is to be made where a bill is denominated in ECU. Payment will be made in ECU except that, if the ECU is not the unit of account in which the operations of the European Monetary Co-operation Fund are expressed, payment will be made in a currency chosen by the Bank of England if the holder of the bill so elects or the Bank of England determines that it would not be practicable for payments to be made in ECU. The regulation specifies the currencies that can be chosen and how the amount of the payment in the chosen currency is to be computed. A new regulation 9A is inserted defining the ECU.
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