(1) In this Part "bank" means a UK institution which has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 and any order under section 22).

(2) But "bank" does not include -

(a) a building society within the meaning of section 119 of the Building Societies Act 1986,

(b) a credit union within the meaning of section 31 of the Credit Unions Act 1979, or

(c) any other class of institution excluded by an order made by the Treasury.

(3) In subsection (1) "UK institution" means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom.

(4) An order under subsection (2)(c) -

(a) shall be made by statutory instrument, and

(b) may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.