The Bank of England Levy (Amount of Levy Payable) Regulations 2024

4.—(1) In this Schedule, references to liabilities in respect of sterling deposits made with United Kingdom offices of an eligible institution include sterling liabilities of the institution that are any of the following—

(a) finance leases entered into by United Kingdom offices of the institution;

(b) accounts of such offices with United Kingdom offices of other eligible institutions which are overdrawn;

(c) stored value cards issued by such offices.

(2) The liabilities referred to in sub-paragraph (1) exclude—

(a) deposits made by non-resident offices of the institution with United Kingdom offices of the institution solely for the purpose of enabling the eligible institution to purchase fixed assets, and

(b) deposits made solely for the purpose of funding the depositor’s participation in a loan made, or to be made, to a third party.

(3) In this paragraph, “stored value cards” means a card, which includes any token, coupon, stamp, form, booklet or other document or thing, issued by an eligible institution under a relevant agreement.

(4) In sub-paragraph (3) a relevant agreement is an agreement which provides that—

(a) upon production of the card the eligible institution will, or a third party may, supply goods or services (which may include the payment of cash) to the holder of the card, and

(b) the value of those goods or services may not exceed the amount of any payment or payments previously made to the institution by the holder of the card or the balance remaining after previous transactions.