(1) The Treasury may by regulations -

(a) specify a bank which on and after the designation date is designated as an authorised bank for the purposes of this Part,

(b) specify a part of the United Kingdom in which the bank may issue banknotes, and

(c) make provision about how the bank is to be identified on those banknotes.

(2) Regulations under subsection (1) -

(a) may only specify under paragraph (a) a bank (the newly authorised bank) which is in the same group as an authorised bank (the previously authorised bank) which has the right to rely on section 213;