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7. The provisions of the Bank Administration Rules (Northern Ireland) 2009(1) apply in relation to an authorised bank—
(a)with any reference to “insolvent estate”, “property” or “asset” modified so that it does not include a reference to the backing assets; and
(b)with any reference to the “1991 Rules” modified so that it is a reference to the Insolvency Rules (Northern Ireland) 1991 as modified by paragraph 6 of this Schedule.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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