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10.—(1) The Banking Co-ordination (Second Council Directive) Regulations 1992(1) are amended as follows.
(2) In regulation 2(1):
(a)after the definition of “the Bank” there is inserted:
““the Banking Consolidation Directive” means Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions;”;
(b)in the definition of “credit institution”, for “First Council Directive” there is substituted “Banking Consolidation Directive”;
(c)in the definition of “financial institution”:
(i)for “Second Council Directive” there is substituted “Banking Consolidation Directive”; and
(ii)for “the Annex” there is substituted “Annex 1 to the Banking Consolidation Directive”;
(d)in the definition of “initial capital”, for “article 2(1) of the Council Directive on the own funds of credit institutions (No. 89/299/EEC)” there is substituted “article 34(2) of the Banking Consolidation Directive”;
(e)in the definition of “listed activity”, for “the Annex to the Second Council Directive” there is substituted “Annex 1 to the Banking Consolidation Directive”;
(f)in the definition of “own funds”, for “the Council Directive on the own funds of credit institutions (No. 89/299/EEC)” there is substituted “Section 1 of Chapter 2 of Title V of the Banking Consolidation Directive”; and
(g)the definitions of:
(i)“the First Council Directive”;
(ii)“the Second Council Directive”; and
(iii)“the Solvency Ratio Directive”
are omitted.
(3) In regulation 2, after paragraph (1) there is inserted the following paragraph:
“(1A) Any reference in these Regulations to:
(a)the Second Council Directive; or
(b)the Solvency Ratio Directive,
shall be construed as a reference to the Banking Consolidation Directive, and shall be read in accordance with the correlation table in Annex VI to the Banking Consolidation Directive.”; and paragraph (2B) is omitted.
(4) In regulation 2B(3)(a) and (b)(2), for “the Annex to the Second Council Directive” there is substituted “Annex 1 to the Banking Consolidation Directive”.
(5) In regulation 50(1)(c), for “article 18(2) of the Second Council Directive” there is substituted “article 19 of the Banking Consolidation Directive”.
(6) In paragraph 45(3)(b) of Schedule 9, for “article 21 of the Second Council Directive” there is substituted “article 22 of the Banking Consolidation Directive”.
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