217 Backing assets
Banking Act 2009 (2009 c 1) | Legislation

Specific issues

217  Backing assets

(1)     Banknote regulations must require authorised banks to have backing assets.

(2)     “Backing assets” means assets of a kind specified by banknote regulations; and the regulations may, in particular, specify—

(a)     banknotes issued by the Bank of England,

(b)     current coins of the United Kingdom, and

(c)     funds in a specified kind of account held with the Bank of England or with another specified institution or class of institution.

(3)     The regulations must—

(a)     require banknote rules to include provision for determining the value of backing

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