http://www.legislation.gov.uk/ukpga/1987/22/section/53Banking Act 1987 (repealed)An Act to make new provision for regulating the acceptance of deposits in the course of a business, for protecting depositors and for regulating the use of banking names and descriptions; to amend section 187 of the Consumer Credit Act 1974 in relation to arrangements for the electronic transfer of funds; to clarify the powers conferred by section 183 of the Financial Services Act 1986; and for purposes connected with those matters.1987-05-15texttext/xmlenStatute Law Database2024-05-212001-12-01 Part II531Subject to subsection (4) below, where an institution becomes a contributory institution after the coming into force of this Part of this Act the Board shall levy from it, on or as soon as possible after the day on which it becomes a contributory institution, an initial contribution of an amount determined in accordance with subsection (2) or (3) below.2Where the institution concerned has a deposit base, then, subject to section 56(1) below, the amount of an initial contribution levied under this section shall be such percentage of the deposit base as the Board considers appropriate to put the institution on a basis of equality with the other contributory institutions, having regard to—athe initial contributions previously levied under this section or under section 24(1) of the Banking Act 1979; andbso far as they are attributable to an increase in the size of the Fund resulting from an order under subsection (2) of section 54 below or subsection (2) of section 25 of that Act, further contributions levied under either of those sections.2AIn its application to participating EEA institutions, subsection (2) above shall have effect as if the reference to a basis of equality were a reference to a basis of parity.3Where the institution concerned has no deposit base the amount of an initial contribution levied under this section shall be the minimum amount for the time being provided for in section 56(1) below.4The Board may waive an initial contribution under this section if it appears to it that the institution concerned is to carry on substantially the same business as that previously carried on by one or more institutions which are or were contributory institutions.Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2Pt. II (ss. 50-66) modified (1.7.1995temp. to 31.12.1999) by S.I. 1995/1442, reg. 54(2).Pt. II (ss. 50-66) continued for certain purposes (subject to modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9, 11, Sch. 1 Pt. 1; S.I. 2001/3538, art. 2(1)S. 53: power to apply conferred (9.6.1997) by 1997 c. 32, s. 32(2); S.I. 1997/1427, art. 2(g).S. 53: power to repeal conferred (9.6.1997) by 1997 c. 32, s. 32(5)(a); S.I. 1997/1427, art. 2(g).1979 c. 37. S. 53(2A) inserted (1.7.1995) by S.I. 1995/1442, regs. 28, 53(1), 54(2)