Part 3: Miscellaneous and General Section 38: Banks authorised to issue banknotes in Scotland and Northern Ireland
This section introduces a new section 214A into the 2009 Act and makes other amendments to that Act.
	Subsection (1) of that section gives the Treasury a power to make regulations authorising a bank to issue commercial banknotes in Scotland and Northern Ireland in place of an existing issuer.
	Subsection (2) provides that a bank may only be authorised if it is in the same group as a bank which already has the right to issue banknotes. It may also only be authorised to issue banknotes in the same part of the United Kingdom as the existing issuer - and the authorisation of the existing issuer must end on the authorisation of the newly authorised bank to issue banknotes. Subsection (2) also gives the Treasury power to say what is to happen to relation to banknotes which are in the possession of the existing issuer or in circulation, when the right to issue notes passes to the newly authorised bank.
	Subsection (3) ensures that, in the unlikely event that two banks in the same group are authorised in a short period of time to issue banknotes in place of the original issuer, the regulations authorising the second bank to issue banknotes may also make provision in relation any notes issued by the original issuer.
	Subsection (4) allows the Treasury to set the date on which the right to issue banknotes is transferred from one bank to another either in the regulations themselves or by later announcement, published as provided for in the regulations. Where the date is not set in the regulations, it will have to be published in Gazettes (defined in subsection (5) as the London Gazette and either the Edinburgh Gazette (if Scottish banknotes are concerned) or the Belfast Gazette (if Northern Irish banknotes are concerned)).
	Subsection (6) makes the consent of the Bank necessary before the Treasury is able to make regulations under this power. By subsection (7) the Bank is required to publish a statement of the matters it will take into account when deciding whether to give consent.