Arrangement of Clauses (Contents)

Northern Bank Bill

 

EXPLANATORY MEMORANDUM

This Bill provides that, on or after the transfer to Danske Bank A/S of the undertaking of Northern Bank Limited (including the transfer of its business as a bank of issue), the statutory right to issue bank notes conferred on Northern Bank shall transfer and apply to Danske Bank A/S.

Clause 1 deals with citation.

Clause 2 sets out the definitions of certain expressions used in the Bill.

Clause 3 enables the board of Danske Bank A/S to appoint a day for the purposes of the transfer of the statutory right to issue bank notes, which shall not be before the making, or after the coming into force, of a banking business transfer order made under Part 7 of the Financial Services and Markets Act 2000 (c. 8).

Clause 4 provides that, in relation to specified enactments which conferred on Northern Bank Limited the statutory right to issue bank notes, any reference which would have been construed as referring to Northern Bank Limited is to be construed as referring to Danske Bank A/S.

Clause 5 makes provision as to what constitutes evidence that the statutory right to issue bank notes has transferred and is applicable to Danske Bank A/S.

Clause 6 provides that nothing in the Bill is to be construed as exempting Northern Bank Limited or Danske Bank A/S from the statutory regime regulating their activities, except as expressly provided for in the Bill.

Clause 7 extends the application of the Bill to Northern Ireland.

EUROPEAN CONVENTION ON HUMAN RIGHTS

In the view of Danske Bank A/S the provisions of the Northern Bank Bill are compatible with the Convention rights.

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Prepared 28 November 2007