UNITED KINGDOM STATUTORY INSTRUMENT
2002 No. 2521
NATIONAL DEBT
The Irish Registers of Government Stock (Closure and Transfer) Order 2002
Made 14th October 2002
Laid before the House of Commons 14th October 2002
Coming into force in accordance with article 1
The Treasury, in exercise of the powers conferred on them by section 139 of the Finance Act 2002and of all other powers enabling them in that behalf, hereby make the following Order:
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Title and commencementTitle and commencement
1.—(1) This Order may be cited as the Irish Registers of Government Stock (Closure and Transfer) Order 2002.
(2) This Order shall come into force on the appointed day.
Interpretation
2.—(1) In this Order, except where the context otherwise requires—
“appointed day” means 28th October 2002;
“Bank of England legislation” means any enactment or subordinate legislation relating to the English gilts register or to gilts registered therein;
“English gilts register” means the register required to be kept at the office of the Chief Registrar of the Bank of England under section 47 of the Finance Act 1942(registration of government stock);
“gilts” means stock or registered bonds of any of the descriptions included in Part I of Schedule 11 to the Finance Act 1942 (transfer and registration of government stock);
“Irish gilts register” means the registers required to be kept under section 47 of the Finance Act 1942 at the offices of the Bank of Ireland in Dublin and Belfast as the case may be.
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Exclusion of gilts from registration in the Irish gilts registerExclusion of gilts from registration in the Irish gilts register
3. Gilts are excluded from registration in the Irish gilts register on and after the appointed day.
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Transfer of gilts from the Irish gilts register to the English gilts registerTransfer of gilts from the Irish gilts register to the English gilts register
4.—(1) All entries in the Irish gilts register are transferred at the beginning of the appointed day to the English gilts register.
(2) The Chief Registrar of the Bank of England shall amend the English gilts register pursuant to the transfer effected by paragraph (1) above.
(3) Where, before the appointed day, any entries should have been made but were not made in the Irish gilts register, those entries shall be deemed to have been made in the English gilts register on the appointed day and the Chief Registrar of the Bank of England shall rectify the English gilts register accordingly as soon as reasonably practicable.
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Transfer of gilts pending on the appointed dayTransfer of gilts pending on the appointed day
5. Where before the appointed day a valid instrument in writing for the transfer of gilts has been delivered to the Bank of Ireland but that Bank has not given effect to the transfer, the instrument shall be deemed to have been delivered to the Bank of England on the day of its delivery to the Bank of Ireland and any applicable Bank of England legislation shall apply accordingly.
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Applications or tenders to subscribe for gilts pending on the appointed dayApplications or tenders to subscribe for gilts pending on the appointed day
6. Any application or tender to subscribe for any gilts which is properly made to the Bank of Ireland before the appointed day but not determined before that day shall, on and after that day, be deemed to have been made to the Bank of England in accordance with any applicable Bank of England legislation and the terms of the prospectus for those gilts.
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Existing certificatesExisting certificates
7. Any certificate which has been issued by the Bank of Ireland before the appointed day in relation to any gilts and which is current at the beginning of the appointed day shall, on and after that day, be treated as having been issued by the Bank of England under regulation 2 of the Government Stock Regulations 1965in relation to the registration of those gilts in the English gilts register.
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The Bank of Ireland to provide relevant records etc. to the Bank of EnglandThe Bank of Ireland to provide relevant records etc. to the Bank of England
8.—(1) The Bank of Ireland shall provide all relevant records to the Bank of England.
(2) Any relevant records which are received by the Bank of Ireland on or after the appointed day shall be forwarded to the Bank of England.
(3) In this article, “relevant records” means any records, documents or other communications (including any in electronic form) or copies of the same in the possession of the Bank of Ireland, which relate to the registration of gilts in the Irish gilts register or any transaction associated therewith.
Rights and Liability
9.—(1) Save as is provided for by this Order, nothing in this Order shall affect any rights which any person or his representatives may have in respect of the gilts to which this Order applies.
(2) The Treasury, the Bank of Ireland and the Bank of England shall not be liable for any act duly done or omitted in accordance with this Order.
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Amendments, repeals and revocationsAmendments, repeals and revocations
10.—(1) Schedule 1 (amendments of primary and subordinate legislation) shall have effect.
(2) The enactments and instruments specified in Schedule 2 are hereby repealed or revoked to the extent specified in the final column of that Schedule.
Jim Fitzpatrick
John Heppell
Two of the Lords Commissioners of Her Majesty’s Treasury
14th October 2002
SCHEDULE 1
Article 10(1)
AMENDMENTS
1. The National Debt Act 1870
The National Debt Act 1870is amended as follows:
(a) in section 13 for the words “the Banks of England and Ireland shall each” there shall be substituted “the Bank of England shall”;
(b) in section 14for the words “respective chief cashiers of the Banks of England and Ireland” there shall be substituted the words “chief cashier of the Bank of England”;
(c) in section 16 for the words “The respective accountants general of the Banks of England and Ireland shall from time to time inspect and examine all receipts and payments of the respective chief cashiers of those Banks, and the vouchers relating thereto” there shall be substituted “All receipts and payments of the chief cashier of the Bank of England shall from time to time be examined”;
(d) in section 59, for the words “either Bank” there shall be substituted the words “the Bank of England”.
2. The Finance Act (No. 2) 1915
In section 48 of the Finance Act (No. 2) 1915, for the words “Banks of England and Ireland” there shall be substituted the words “Bank of England”.
3. The Finance Act 1916
In section 66 of the Finance Act 1916, for the words “Banks of England and Ireland” there shall be substituted the words “Bank of England”.
4. The Finance Act 1942
In section 47(1)(b) of the Finance Act 1942, for the words “Banks of England and Ireland” there shall be substituted the words “the Bank of England”.
5. The National Loans Act 1968
In section 16(7) of the National Loans Act 1968, for the words “the Banks of England and Ireland”, there shall be substituted the words “Bank of England”. For the words “the Treasury” to the end, there shall be substituted the words “the Treasury and the Bank of England”.
6. The Government Stock Regulations 1965
In regulation 23 of the Government Stock Regulations 1965for the definition of “the Bank” there shall be substituted “ “the Bank” means the Bank of England;”.
SCHEDULE 2
Article 10(2)
REPEALS AND REVOCATIONS
Part I
Repeals
Chapter |
Short title |
Extent of repeal |
1870 c. 71 |
The National Debt Act 1870 |
In section 3, the words “or the Bank of Ireland”.
In section 55, the words “or of Ireland”, where they first appear, and the words “or of Ireland (as the case requires)”.
|
1891 c. 39 |
The Stamp Act 1891 |
In section 122(1), the words “or at the Bank of Ireland”. |
1892 c. 39 |
The National Debt (Stockholders Relief) Act 1892 |
In section 9, the words “or the Bank of Ireland, as the case may require”. |
1916 c. 24 |
The Finance Act 1916 |
In section 67, the words “or Ireland”. |
1937 c. 54 |
The Finance Act 1937 |
In section 28(2), the words “, or, if the application is made to the Bank of... |
