(1) An authorised bank within section 210(a) may continue to issue banknotes after commencement, but only -
(a) in accordance with the provisions of this Part, and
(b) in the part of the United Kingdom in which it was authorised to issue banknotes before commencement.
(2) An authorised bank within section 210(b) may issue banknotes, but only -
(a) in accordance with the provisions of this Part, and
(b) in the part of the United Kingdom which is specified in relation to the bank in regulations under section 214A(1)(b).