448.—(1) The Schedule to the Credit Unions (Authorised Investments) Order 1993 (authorised investments) is amended as follows.
(2) In paragraph 3 for sub-paragraph (a) substitute—
“(a)deposits;”.
(3) In paragraph 4 (Interpretation)—
(a)for the definition of “deposits” substitute—
““deposits” includes shares in a building society (other than deferred shares), but does not include transferable instruments;”;
(b)for the definition of “European authorised institution” substitute—
““European authorised institution” means an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation by virtue of paragraph 12 of that Schedule) to accept deposits;”; and
(c)for the definition of “European deposit-taker” substitute—
““European deposit-taker” means an EEA firm falling within paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;”.