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§ Lords amendment: No. 58, in page 91, line 2, at end insert—
§ "The Finance Act 1986
§ In Schedule 7 to the Finance Act 1986—
- (a) in paragraphs 8(1) and 11(1)(c) for the words 'a recognised bank or licensed institution (within the meaning of the Banking Act 1979)' there shall be substituted the words 'an institution authorised under the Banking Act 1987';
- (b) in paragraph 8(2) for the words 'recognised bank or licensed institution' there shall be substituted the words 'authorised institution'."
§ Mr. Ian StewartI beg to move, That this House doth agree with the Lords in the said amendment.
It remedies an omission dealing with consequential amendments to other legislation. It substitutes references to institutions authorised under the Bill for references to recognise banks or licensed institutions. That was the terminology used in the Banking Act 1979, which this Bill will supersede. The latter definitions will no longer be relevant once this Bill becomes operative.
§ Question put and agreed to.
§ Lords amendment No. 58 agreed to.
§ Lords amendment: No. 59, in page 91, line 27, after "54(4)" insert "and (5)".
§ Mr. Deputy Speaker (Sir Paul Dean)With this we will discuss amendment No. 60.
§ Mr. Ian StewartI beg to move, That this House doth agree with the Lords in the said amendment.
Amendments 59 and 60 relate to schedules 6 and 7. They have the effect of deleting clause 54(5) of the Building Societies Act 1986 which, together with subsection (4), made provision for disclosure of banking supervisory information to the Building Societies Commission by the Bank of England pending the coming into force of the relevant provisions of this Bill. As soon as this Bill is enacted and comes into Force, those provisions of the Building Societies Act 1986 will be superseded, and amendments 59 and 60 deal with that.
§ Question put and agreed to.
§ Lords amendment No. 60 agreed to.