Chapter IV of Part I of the Finance Act, 1986, is hereby amended -

(a) in subsection (1) of section 31 -

(i) by the insertion of the following definition after the definition of "deposit":

"'foreign currency' means a currency other than the currency of the State;",

(ii) in the definition of "relevant deposit" -

(I) by the addition to paragraph (e) (inserted by the Finance Act, 1991) of the following additional proviso after the proviso to that paragraph:

"Provided also that this paragraph shall not apply to a deposit denominated in a foreign currency which is made on or after the operative date,",

and

(II) by the substitution in paragraph (ee) (inserted by the Finance Act, 1992) of the following sub-paragraph for subparagraph (i):

"(i) which is made on or after the operative date by, and the interest on which is beneficially owned by -

(I) a company which is or will be within the charge to corporation tax in respect of the interest, or

(II) a pension scheme,

and",

(b) in subsection (1) of section 37A (inserted by the Finance Act, 1992), by the insertion of the following paragraphs after paragraph (a):

"(aa) the account shall not be denominated in a foreign currency;