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Statutory Instruments
1996 No. 1512 (S.135)
ELECTRICITY
The Fossil Fuel Levy (Scotland) Amendment Regulations 1996
Made
4th June 1996
Laid before Parliament
12th June 1996
Coming into force
3rd July 1996
The Secretary of State, in exercise of the powers conferred on him by sections 33 and 60 of the Electricity Act 1989(1), and of all other powers enabling him in that behalf, hereby makes the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Fossil Fuel Levy (Scotland) Amendment Regulations 1996 and shall come into force on 3rd July 1996.
Amendment of Fossil Fuel Levy (Scotland) Regulations 1996
2. In regulation 25(3) of the Fossil Fuel Levy (Scotland) Regulations 1996(2) for the words"and banks which are members of the Committee of London and Scottish Bankers" there shall be substituted the following words:-“
", an institution authorised under the Banking Act 1987(3), a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986(4) and a European deposit-taker within the meaning of regulation 82(3) of the Banking Coordination (Second Council Directive) Regulations 1992(5)".
George Kynoch
Parliamentary Under Secretary of State, Scottish Office
St Andrew's House,
Scottish Office
4th June 1996
Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Fossil Fuel Levy (Scotland) Regulations 1996.
The purpose of the amendment is to permit the Director General of Electricity Supply (who is prescribed in the Fossil Fuel Levy (Scotland) Regulations as the person to collect payments in respect of the levy and to make payments to public electricity suppliers) to utilise a wider range of institutions for the purpose of investment of money received by the Director under the Fossil Fuel Levy (Scotland) Regulations.
The effect is to enable the Director General to invest the money in one or more of the Bank of England and (in place of the Committee of London and Scottish Bankers) any institution of the classes specified in regulation 2 of these Regulations.