(1) This article applies to information ("transitional building societies information") -

(a) disclosed before commencement by the Building Societies Commission to the Bank for the purpose of enabling or assisting the Bank to discharge its relevant functions; and

(b) which immediately before commencement was subject to the powers of disclosure conferred by section 87(3A) [Subsection (3A) was inserted by the Banking Coordination (Second Council Directive) Regulations 1992, S.I. 1992/3218, regulation 42.] of the Banking Act 1987, as that section had effect by virtue of paragraph 59 of Schedule 5 to the 1998 Act.

(2) Transitional building societies information may be disclosed in accordance with section 349 of the Act and the Disclosure Regulations as if -

(a) it were confidential information within the meaning of section 348(2) of the Act; and

(b) the Bank were a primary recipient of the information.