Citation and commencement

1. These Regulations may be cited as the Northern Ireland Banknote (Designation of Authorised Bank) Regulations 2020 and come into force on the day after the day on which they are made.

Interpretation

2. In these Regulations—

“the 2009 Act” means the Banking Act 2009 ;

“the 2009 Regulations” means the Scottish and Northern Ireland Banknote Regulations 2009 ( 2 );

“designation date” means the date to be determined in accordance with regulation 3;

“National Westminster Bank” means the public limited company named National Westminster Bank Public Limited Company, registered in England and Wales under company registration number 00929027; and

“Ulster Bank Limited” means the limited company of that name registered in Northern Ireland under company registration number R0000733.

Designation date

3. —(1) The Treasury must determine the designation date for the purposes of these Regulations.

(2) Before the designation date, the Treasury must publish in the London Gazette and the Belfast Gazette notice of the designation date, stating that—

(a) it is the designation date for the purposes of these Regulations; and

(b) from the beginning of the designation date—

(i) Ulster Bank Limited will no longer be authorised to issue banknotes in Northern Ireland; and

(ii) National Westminster Bank will be authorised to issue banknotes in Northern Ireland.

(3) Where the Treasury have determined a designation date, whether under paragraph (1) or under this paragraph, at any time before that designation date (the “old designation date”) the Treasury may determine a later designation date (the “new designation date”).

(4) If the Treasury determine a new designation date under paragraph (3), the Treasury must—

(a) publish in the London Gazette and the Belfast Gazette notice of that date in accordance with paragraph (2); and

(b) if the Treasury have published in the London Gazette and the Belfast Gazette notice of the old designation date in accordance with paragraph (2), revoke that earlier notice in the notice mentioned in sub-paragraph (a).

Removal of authorisation

4. From the beginning of the designation date, Ulster Bank Limited is no longer an authorised bank for the purposes of Part 6 of the 2009 Act( 3 ).

Designation of authorised bank

5. —(1) For the purposes of Part 6 of the 2009 Act, National Westminster Bank (a bank within the same group as Ulster Bank Limited) is designated as an authorised bank.

(2) The designation in paragraph (1)—

(a) applies from the beginning of the designation date; and

(b) authorises National Westminster Bank to issue banknotes in Northern Ireland only.

Banknotes in circulation

6. —(1) Any banknote in circulation issued by Ulster Bank Limited prior to the designation date is, from the beginning of the designation date—

(a) treated as having been issued by National Westminster Bank; and

(b) deemed to record an engagement by National Westminster Bank to pay money to the bearer on demand instead of such an engagement by Ulster Bank Limited.

(2) Any rights and liabilities in relation to any such banknote transfer from Ulster Bank Limited to National Westminster Bank at the beginning of the designation date.

(3) Anything done by or in relation to Ulster Bank Limited in connection with any such banknote is to be treated as having been done by or in relation to National Westminster Bank for all purposes from the beginning of the designation date.

(4) Nothing in this regulation affects the validity of any banknotes issued before the designation date by Ulster Bank Limited.

Banknotes not in circulation

7. —(1) From the beginning of the designation date, ownership of any banknote of Ulster Bank Limited not in circulation transfers from Ulster Bank Limited to National Westminster Bank and—

(a) any such banknote is deemed to record an engagement by National Westminster Bank to pay money to the bearer on demand instead of such an engagement by Ulster Bank Limited;

(b) any rights and liabilities in relation to any such banknote transfer from Ulster Bank Limited to National Westminster Bank; and

(c) anything done by or in relation to Ulster Bank Limited in connection with any such banknote is to be treated as having been done by or in relation to National Westminster Bank for all purposes.

(2) The transfer of ownership of any banknote by virtue of paragraph (1) does not constitute the issuing of that banknote within the meaning of section 209 of the 2009 Act.

Disapplication of banknote regulations and rules

8. —(1) From the beginning of the designation date, the Banknote Regulations and Rules no longer apply to Ulster Bank Limited.

(2) In this regulation, the Banknote Regulations and Rules means—

(a) the 2009 Regulations; and

(b) any rules made by the Bank of England under the 2009 Regulations( 4 ).