The Treasury Bills (Amendment) Regulations 1998
These Regulations amend the Treasury Bills Regulations 1968 (S.I. 1968/414). Regulation 3 and Schedule 1 are amended to set out the form of Treasury bills denominated in euro. Regulation 6 is amended to update the definition of the circumstances in which ECU bills will be repaid in another currency so that it refers to circumstances in which the ECU is not the unit of account of the European Communities, rather than circumstances in which the ECU is not the unit of account in which the operations of the European Monetary Co-operation Fund are expressed. Regulation 6 is also amended to describe how payment is to be made where a bill is denominated in euro. Payment will be made in euro except that, if the euro has not been introduced as the currency of the participating Member States in Stage 3 of Economic and Monetary Union, payment will be made in ECU, and if the ECU is not the unit of account of the European Communities, payment will be made in sterling. The regulation specifies how the amount of any payment in sterling is to be computed. Regulation 9A is amended to update the definition of the ECU.