Part 3: Banking Section 19: Banks established under the Savings Bank (Scotland) Act 1819: loss allowance Background note
The government believes that savings banks established under the Savings Bank (Scotland) Act 1819 are similar to building societies; the government therefore believes it is right for these savings banks to benefit from the carried-forward loss allowance. Such savings banks are similar to building societies in that they do not have shareholders, cannot issue capital instruments, and are not profit-maximising.