The Collection Fund (England) (Amendment) Regulations 1992

• Citation: S.I. 1992/620
• Sections: 2

Section 1

These Regulations may be cited as the Collection Fund (England) (Amendment) Regulations 1992 and shall come into force on 1st April 1992.

Section 2

Regulation 8 of the Collection Fund (England) Regulations 1989 shall be amended—

(a) in paragraph (1), by the substitution of the words “any of the reference banks” for the words “members of the Committee of London and Scottish Bankers”;

(b) by the insertion after paragraph (2) of the following:

(3) For the purposes of paragraph (1)—

(a) the reference banks are the seven largest institutions—

(i) authorised by the Bank of England under the Banking Act 1987 and

(ii) incorporated in and carrying on a deposit-taking business within the United Kingdom, which quote a base rate in sterling;

(b) the size of an institution is to be determined by reference to its total consolidated gross assets denominated in sterling, as shown in its audited end-year accounts last published before the period for which interest is payable begins.

(4) In paragraph (3)(b), the reference to the consolidated gross assets of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985) .