Banking Act 2009 (c. 1)

Part 5 U.K. Inter-Bank Payment Systems

Introduction U.K.

181 Overview U.K.

This Part enables the Bank of England to oversee certain systems for payments between financial institutions.

Commencement Information

I1 S. 181 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 1

182 Interpretation: “inter-bank payment system” U.K.

(1) In this Part “inter-bank payment system” means arrangements designed to facilitate or control the transfer of money between financial institutions who participate in the arrangements.

(2) The fact that persons other than financial institutions can participate does not prevent arrangements from being an inter-bank payment system.

(3) In subsection (1) “financial institutions” means—

(a) banks, and

(b) building societies.

(4) In subsection (1) “money” includes credit.

(5) A system is an inter-bank payment system for the purposes of this Part whether or not it operates wholly or partly in relation to persons or places outside the United Kingdom.

Commencement Information

I2 S. 182 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 2

183 Interpretation: other expressions U.K.

In this Part—

(a) a reference to the “operator” of an inter-bank payment system is a reference to any person with responsibility under the system for managing or operating it,

(b) a reference to the operation of a system includes a reference to its management,

(c) “the UK financial system” has the meaning given to “the financial system” by section 3(2) of the Financial Services and Markets Act 2000 (market confidence),

(d) a reference to the Bank of England's role as a monetary authority is to be construed in accordance with section 244(2)(c), and

(e) “the FSA” means the Financial Services Authority.

Commencement Information

I3 S. 183 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 2