430.—(1) For paragraph (3) of regulation 8 of the Local Authorities (Funds) (Wales) Regulations 1992 (calculation of interest on amount of instalments) substitute—
“(3) For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(i)have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(ii)are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
(iii)quote a base rate in sterling.”.
(2) In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3) In paragraph (5) of that regulation—
(a)in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(b)the definition of “a deposit-taking business” is revoked.
(4) After paragraph (5) of that regulation insert—
“(6) Paragraph (3) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.”.