(1) A person ("A") who, immediately before commencement -

(a) held an authorisation granted (or deemed to be granted) under the Banking Act; and

(b) was carrying on overseas banking business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas banking business.

(2) In this article -

"corresponding overseas regulated activities" means regulated activities which -

(a) Acarries on after commencement by virtue of continuing to carry on his overseas banking business; and

(b) A is regarded as carrying on in the United Kingdom by virtue of section 418;

"overseas banking business" means business which was deposit-taking business within the meaning of section 6 of the Banking Act and which A was carrying on in a country or territory outside the United Kingdom without contravening regulation 22 of the 2BCD Regulations.