Post Office (Banking Services) Act 1976

The Post Office (Banking Services) Act 1976 was an act of the Parliament of the United Kingdom. The act gave the Post Office greater power to provide banking services. It also opened up the market between Giro systems and banks for transfer services on behalf of the Treasury.[3]

Post Office (Banking Services) Act 1976
Act of Parliament
Parliament of the United Kingdom
Long titleAn Act to extend the powers of the Post Office to provide banking services; to make capital available for the provision of those services; to reduce the capital debt of the Post Office; and for connected purposes.[1]
Citation1976 c. 10[1]
Territorial extent United Kingdom, Channel Islands and the Isle of Man[2]
Dates
Royal assent25 March 1976
Other legislation
Repealed byPostal Services Act 2000
Status: Repealed
Text of statute as originally enacted

Provisions

The provisions of the act include:

  • Extending the power of the Post Office to provide banking services through the amendment of the Post Office Act 1969 and the Protection of Depositors Act 1963.[4]
  • Giving the Secretary of State the power to set financial objectives to be achieved by the Post Office in providing banking services.[5]
  • Making it the duty of the Post Office to abide by any such objectives.[5]
  • Allowing the government to provide money to the Post Office for the purposes of its banking services in the form of public dividend capital.[6]
  • Reducing the Post Office's debt incurred under the Post Office Act 1969 by £29.7 million.[7]
  • Repealing Section 1(2) of the Post Office (Borrowing) Act 1972.[7]

Repeal

The Post Office (Banking Services) Act 1976 was repealed by the Postal Services Act 2000.[8]

See also

References
  1. "Acts of Parliament relating to the Post Office". Great Britain Philatelic Society. Retrieved 25 September 2019.
  2. "6 - Short title and extent". Legislation.gov.uk. Retrieved 25 September 2019.
  3. Ruozi, Roberto; Anderloni, Luisa (2013). Modernisation and Privatisation of Postal Systems in Europe: New Opportunities in the Area of Financial Services. Springer Science & Business Media. p. 131. ISBN 9783662048825.
  4. "1 - Extension of power of Post Office to provide banking services". Legislation.gov.uk. Retrieved 25 September 2019.
  5. "2 - Financial objective". Legislation.gov.uk. Retrieved 25 September 2019.
  6. "3 - Government investment in Post Office's banking services". Legislation.gov.uk. Retrieved 25 September 2019.
  7. "4 - Reduction of capital debt of Post Office". Legislation.gov.uk. Retrieved 25 September 2019.
  8. "SCHEDULE 9 Repeals and revocations". Legislation.gov.uk. Retrieved 25 September 2019.
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