Transitory provisions
54.—(1) This regulation applies to any institution which—
(a)is authorised to act as a credit institution by a supervisory authority in Spain or Greece;
(b)is listed in Annex III to Directive 94/19/EC on deposit-guarantee schemes; and
(c)accepts or proposes to accept deposits in the United Kingdom.
(2) In relation to any time before 1st January 2000, these Regulations, Part II of the 1987 Act and Part IV of the 1986 Act shall each have effect in relation to an institution to which this regulation applies as if—
(a)the institution were an authorised institution (within the meaning of the 1987 Act); and
(b)Spain or, as the case may require, Greece were not an EEA State.