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The Cash Ratio Deposits (Eligible Liabilities) (Amendment) Order 2005

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Explanatory Note

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This Order amends the Cash Ratio Deposits (Eligible Liabilities) Order 1998 (S.I. 1998/1130) (“the principal Order”) which defines the eligible liabilities used to calculate cash ratio deposits to be held by eligible institutions with the Bank of England (“the Bank”). Eligible institutions comprise certain persons authorised to accept deposits under Part IV of the Financial Services and Markets Act 2000 (c. 8) and certain European authorised institutions which have lawfully established branches in the United Kingdom for the purposes of accepting deposits.

Article 2(3)(a) excludes deposits made by the Bank from the definition of eligible liabilities.

Article 2(3)(b) deletes paragraph 6 of the Schedule to the principal Order, thereby excluding, from the definition of eligible liabilities, certain liabilities of eligible institutions to make sterling payments to the Bank in connection with the Real Time Gross Settlement system operated by the Bank, which the Bank has allowed to remain outstanding overnight. Article 2(3)(b) also deletes paragraph 8 of the Schedule to the principal Order, thereby excluding from amounts offset in the definition of eligible liabilities, any deposits held by eligible institutions with the Bank and sterling amounts payable by the Bank to eligible institutions under finance leases.

Article 2(2) makes consequential amendments.

A Regulatory Impact Assessment of the effect of this instrument on the costs of business has been prepared and may be obtained from the Debt Reserves and Management Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk).

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