[AS AMENDED IN COMMITTEE]

EXPLANATORY MEMORANDUM

This Bill is promoted by Bank of Ireland (UK) plc.

This Bill provides that, on a day to be appointed by the board of Bank of Ireland (UK) plc, the statutory right to issue banknotes conferred on The Governor and Company of the Bank of Ireland shall transfer and apply to Bank of Ireland (UK) plc.

Clause 1 deals with citation and commencement.

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

Clause 3 enables the board of Bank of Ireland (UK) plc to appoint a day for the purposes of the transfer of the statutory right to issue banknotes.

Clause 4 provides that, from the day appointed under Clause 3, Bank of Ireland (UK) plc will be an authorised bank for the purposes of Part 6 of the Banking Act 2009 and may issue banknotes in Northern Ireland in accordance with the provisions of Part 6. It also provides that The Governor and Company of the Bank of Ireland will cease to be an authorised bank. In addition it provides that anything done by, to or in respect of The Governor and Company of the Bank of Ireland under the note issue enactments (which are a number of Acts, regulations and rules listed in the definition of the term in Clause 2) or any omission or failure to do something under those enactments, shall be treated as having been done by, to, or in respect of Bank of Ireland (UK) plc, or as having been the omission or failure of Bank of Ireland (UK) plc.

It also includes supplementary provisions about the application of some of the note issue enactments, and it provides that any banknotes of the Bank of Ireland that existed before the appointed day shall, after that day, be deemed to record an engagement by Bank of Ireland (UK) plc to pay money to the bearer on demand.

Clause 5 disapplies, in relation to the transfer of the right to issue banknotes under the Bill, rules and regulations made under the Banking Act 2009 which apply in cases where an authorised bank ceases or intends to cease issuing banknotes voluntarily.

Clause 6 provides that nothing in the Bill is to be construed as exempting The Governor and Company of the Bank of Ireland or Bank of Ireland (UK) plc 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 Bank of Ireland (UK) plc the provisions of the Bank of Ireland (UK) plc Bill are compatible with the Convention rights.