SCHEDULES

SCHEDULE 7 Special Provisions for Banking and Insurance Companies and Groups

Part II [Part II of Schedule 9 to the Companies Act 1985]

Accounts of Banking or Insurance Group

Companies entitled to benefit of exemptions

5

1

Where a banking or insurance company is entitled to the exemptions conferred by paragraph 27 or 28 of Part I of this Schedule, a group headed by that company is similarly entitled.

2

Paragraphs 27(4), 28(2) and 28A (accounts not to be taken to be other than true and fair; duty of auditors) apply accordingly where advantage is taken of those exemptions in relation to group accounts.