Statutory Instruments
1998 No. 1269
BANKS AND BANKING
The Cash Ratio Deposits (Value Bands and Ratios) Order 1998
Made
19th May 1998
Coming into force
1st June 1998
Whereas a draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 40(2) of the Bank of England Act 1998( 1 );
Now, therefore, the Treasury, having consulted the Bank of England, such persons as appear to them to be representative of persons likely to be materially affected by the following Order and such other persons as they think fit, and having regard to the financial needs of the Bank of England, in exercise of the powers conferred on them by paragraph 5 of Schedule 2 to that Act, hereby make the following Order:
Citation and commencement
1. This Order may be cited as the Cash Ratio Deposits (Value Bands and Ratios) Order 1998 and shall come into force on 1st June 1998.
Value bands and ratios
2. For the purposes of paragraph 4 of Schedule 2 to the Bank of England Act 1998, the value bands and the ratios applicable to them, expressed as a percentage, are as follows:
| Value band | Ratio |
|---|---|
| £0–£400 million | 0% |
| Over £400 million | 0.15% |
Jim Dowd
Graham Allen
Two of the Lords Commissioners of Her Majesty’s Treasury
19th May 1998