§ 1. Where accounts are prepared in accordance with the special provisions of this Part relating to banking companies or groups, there shall be disregarded for the purposes of —
- (a) paragraphs 7(2)(a), 23(2)(a) and 26(2)(a) of Schedule 5 (information about significant holdings in undertakings other than subsidiary undertakings: definition of 10 per cent. holding), and
- (b) paragraphs 9(1), 25(1) and 28(1) of that Schedule (additional information in case of 20 per cent. holding),
§
370 Page 189, leave out lines 10 to 14 and insert —
1. The provisions of this Part of this Schedule have effect with respect to the application of Schedule 6 (additional disclosure: emoluments and other benefits of directors and others) to a banking company or the holding company of such a company.'.
§ 371 Page 189, line 25, leave out from 'to' to end of line 27 and insert 'a transaction, arrangement or agreement made by that banking company for —
- (a) a person who was a director of the company preparing the accounts, or who was connected with such a director, or
- (b) a person who was a chief executive or manager (within the meaning of the Banking Act 1987) of that company or its holding company.'.
§ 372 Schedule 6, page 189, line 37, leave out from beginning to end of line 24 on page 191 and insert —
§ 'DIRECTORS' REPORT WHERE ACCOUNTS PREPARED IN ACCORDANCE WITH SPECIAL PROVISION FOR BANKING OR INSURANCE COMPANIES OR GROUPS
§ Recent Issues
§ 1. —(1) This paragraph applies where a company prepares individual accounts in accordance with the special provisions of this Part relating to banking or insurance companies.
§ (2) If in the financial year to which the accounts relate the company has issued any shares or debentures, the directors' report shall state the reason for making the issue, the classes of shares or debentures issued and, as respects each class, the number of shares or amount of debentures issued and the consideration received by the company for the issue.
§ Turnover and profitability
§ 2. —(1) This paragraph applies where a company prepares group accounts in accordance with the special provisions of this Part relating to banking or insurance groups.
§ (2) If in the course of the financial year to which the accounts relate the group carried on business of two or more classes (other than banking or discounting or a class prescribed for the purposes of paragraph 17(2) of Part I of Schedule 9) that in the opinion of the directors differ substantially from each other, there shall be contained in the directors' report a statement of —
- (a) the proportions in which the turnover for the financial year (so far as stated in the consolidated accounts) is divided amongst those classes (describing them), and
- (b) as regards business of each class, the extent or approximate extent (expressed in money terms) to which, in the opinion of the directors, the carrying on of business of that class contributed to or restricted the profit or loss of the groups for that year (before taxation.)
§ (3) In sub-paragraph (2) "the group" means the undertakings included in the consolidation.
§ (4) For the purposes of this paragraph classes of business which in the opinion of the directors do not differ substantially from each other shall be treated as one class.
§ Labour force and wages paid
§ 3. —(1) This paragraph applies where a company prepares individual or group accounts in accordance with the special provisions of this Part relating to banking or insurance companies or groups.
§ (2) There shall be stated in the directors' report —
- (a) the average number of persons employed by the company or, if the company prepares group accounts, by the company and its subsidiary undertakings, and
- (b) the aggregate amount of the remuneration paid or payable to persons so employed.
§ (3) The average number of persons employed shall be determined by adding together the number of persons employed (whether throughout the week or not) in each week of the financial year and dividing that total by the number of weeks in the financial year.
§ (4) The aggregate amount of the remuneration paid or payable means the total amount of remuneration paid or 1140 payable in respect of the financial year; and for this purpose remuneration means gross remuneration and includes bonuses, whether payable under contract or not.
§ (5) The information required by this paragraph need not be given if the average number of persons employed is less than 100.
§ (6) No account shall be taken for the purposes of this paragraph of persons who worked wholly or mainly outside the United Kingdom.
§ (7) This paragraph does not apply to a company which is a wholly-owned subsidiary of a company incorporated in Great Britain.
§ 372A After Schedule 6, insert—