Chwilio Deddfwriaeth

Banking Act 2009

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Part 8General

257“Financial assistance”

(1)In this Act “financial assistance” includes giving guarantees or indemnities and any other kind of financial assistance (actual or contingent).

(2)The Treasury may by order provide that a specified activity or transaction, or class of activity or transaction, is to be or not to be treated as financial assistance for a specified purpose of this Act; and subsection (1) is subject to this subsection.

(3)An order—

(a)shall be made by statutory instrument, and

(b)shall be subject to annulment in pursuance of a resolution of either House of Parliament.

258“Enactment”

In this Act “enactment” includes—

(a)subordinate legislation,

(b)an Act of the Scottish Parliament and an instrument under an Act of the Scottish Parliament, and

(c)Northern Ireland legislation.

259Statutory instruments

(1)A statutory instrument under this Act—

(a)may make provision that applies generally or only for specified purposes, cases or circumstances,

(b)may make different provision for different purposes, cases or circumstances, and

(c)may include incidental, consequential or transitional provision.

(2)No statutory instrument under this Act shall be treated as a hybrid instrument under Standing Orders of either House of Parliament.

(3)The Table lists the powers to make statutory instruments under this Act and the arrangements for Parliamentary scrutiny in each case (which are subject to subsections (4) to (6)).

SectionTopicParliamentary scrutiny
PART 1–Special resolution regime
2Meaning of “bank”Draft affirmative resolution
25Share transfer ordersNegative resolution
47Partial transfersDraft affirmative resolution
48Protection of interestsDraft affirmative resolution
55Independent valuerNegative resolution
56Independent valuer: moneyNegative resolution
60Third party compensationDraft affirmative resolution
62Compensation ordersDraft affirmative resolution
69Continuity obligations: consideration and termsNegative resolution
72Transfers: enforcementNegative resolution
74TaxDraft affirmative resolution (Commons only)
75Power to change lawDraft affirmative resolution (except for urgent cases)
78Public fundsNegative resolution (Commons only)
85Building societies: ordersNegative resolution
86Building societies: assets(As for orders under section 90B of the Building Societies Act 1986)
88Building societies: consequentialDraft affirmative resolution
89Credit unionsDraft affirmative resolution
PART 2–Bank insolvency
91Meaning of “bank”Draft affirmative resolution
122Application of insolvency lawDraft affirmative resolution
125Rules(Expansion of power in section 411 of the Insolvency Act 1986)
130Building societiesDraft affirmative resolution
131Credit unionsDraft affirmative resolution
132Partnerships(As for orders under section 420 of the Insolvency Act 1986)
133Scottish partnershipsNegative resolution
135Consequential provisionDraft affirmative resolution
PART 3–Bank administration
148Sharing informationNegative resolution
149Multiple original transfersDraft affirmative resolution
152Transfer from temporary public ownershipDraft affirmative resolution
156Application of other lawDraft affirmative resolution
158Building societiesDraft affirmative resolution
159Credit unionsDraft affirmative resolution
160Rules(Expansion of power in section 411 of the Insolvency Act 1986)
163Partnerships(As for orders under section 420 of the Insolvency Act 1986)
164Scottish partnershipsNegative resolution
168Consequential provisionDraft affirmative resolution
PART 4–Financial Services Compensation Scheme
170Contingency fundingDraft affirmative resolution
171Special resolution regimeDraft affirmative resolution
173Borrowing from National Loans FundNegative resolution
PART 5–Inter-bank payment systems
191Bank of England directions: immunityNegative resolution
203Fees regulationsNegative resolution
204InformationNegative resolution
PART 6–Banknotes: Scotland and Northern Ireland
215Banknote regulationsDraft affirmative resolution
PART 7–Miscellaneous
230Financial institutionNegative resolution
232Investment banks: definitionDraft affirmative resolution
233Investment banks: insolvencyDraft affirmative resolution
249FSA – functionsDraft affirmative resolution
251Central banks: assistance to building societiesDraft affirmative resolution
255Financial collateral arrangementsAffirmative resolution
PART 8–General
257Financial assistanceNegative resolution
262Repeal of Banking (Special Provisions) Act 2008None
263CommencementNone

(4)A power listed in subsection (5) may be exercised without a draft being laid before and approved by resolution of each House of Parliament if—

(a)the power is being exercised for the first time, and

(b)the person exercising it is satisfied that it is necessary to exercise it without laying a draft for approval.

(5)The powers are those in—

(a)section 2 (special resolution regime: meaning of “bank”),

(b)section 47 (special resolution regime: partial transfers),

(c)section 48 (special resolution regime: protection of interests),

(d)section 60 (special resolution regime: third party compensation),

(e)section 88 (special resolution regime: building societies: consequential),

(f)section 91 (bank insolvency: meaning of “bank”),

(g)section 122 (bank insolvency: application of insolvency law),

(h)section 130 (bank insolvency: building societies),

(i)section 135 (bank insolvency: consequential provision),

(j)section 149 (bank administration: multiple original transfers),

(k)section 152 (bank administration: transfer from temporary public ownership),

(l)section 156 (bank administration: application of other law),

(m)section 158 (bank administration: building societies),

(n)section 168 (bank administration: consequential provision), and

(o)section 171 (Financial Services Compensation Scheme: special resolution regime).

(6)Where an instrument is made in reliance on subsection (5)—

(a)it shall lapse unless approved by resolution of each House of Parliament during the period of 28 days (ignoring periods of dissolution, prorogation or adjournment of either House for more than 4 days) beginning with the day on which the instrument is made,

(b)the lapse of an instrument under paragraph (a) does not invalidate anything done under or in reliance on it before its lapse and at a time when neither House has declined to approve it, and

(c)the lapse of an instrument under paragraph (a) does not prevent the making of a new one (in new terms).

260Money

Expenditure of the Treasury under, by virtue of or in connection with a provision of this Act shall be paid out of money provided by Parliament.

261Index of defined terms

The Table sets out expressions defined in this Act for general purposes.

ExpressionSection
Action93 and 166
Bank (Part 1)2
Bank (Part 2)91
Bank administration136
Bank administration order141
Bank insolvency90
Bank insolvency order94
Bridge bank12
Bridge bank reverse share transfer instrument31
Bridge bank share transfer instrument30
Compensation scheme order49
The court (Part 2)92
The court (Part 3)166
Eligible depositors93
Enactment258
FSA3, 93 & 166
FSCS93
Fair93
Financial assistance257
Financial institution230
Full payment resolution100
Independent valuer54
Inter-bank payment system182
Liquidation committee100
Objective 1 Achievement Notice139
Onward bridge bank12
Onward property transfer instrument43
Onward share transfer order28
Partial property transfer47
Property transfer instrument33
Property transfer order45
Resolution fund order49
Reverse property transfer instrument44
Reverse property transfer order46
Reverse share transfer order29
Securities14
Share transfer instrument15
Share transfer order16
Special resolution regime1
Special resolution objectives4
Stabilisation options1
Stabilisation powers1
Supplemental property transfer instrument42
Supplemental share transfer instrument or order26 & 27
Third party compensation order49 & 59
Unable to pay debts93 & 166

262Repeal

(1)The Treasury may by order repeal the Banking (Special Provisions) Act 2008.

(2)An order—

(a)may include savings, and

(b)shall be made by statutory instrument.

(3)Subsection (2)(a) is without prejudice to the generality of, or the application to this section of, section 259.

263Commencement

(1)The preceding provisions of this Act shall come into force in accordance with provision made by the Treasury by order.

(2)Subsection (1) does not apply to section 254, which comes into force at the end of the period of 2 months beginning with the date of Royal Assent.

(3)An order under subsection (1)—

(a)may make provision generally or only in relation to specific provisions or purposes,

(b)may make different provision for different provisions or purposes,

(c)may include incidental or transitional provision (including savings), and

(d)shall be made by statutory instrument.

(4)Where the Treasury or another authority are required to consult or take other action before exercising a power or fulfilling a duty to make legislation or to do any other thing under, by virtue of or in connection with this Act, the Treasury or other authority may rely on consultation or other action carried out before the commencement of the relevant provision of this Act.

264Extent

(1)This Act extends to—

(a)England and Wales,

(b)Scotland, and

(c)Northern Ireland.

(2)But—

(a)sections 253 and 254 extend to Scotland only, and

(b)an amendment of an enactment has the same extent as the enactment (or the relevant part).

265Short title

This Act may be cited as the Banking Act 2009.

Yn ôl i’r brig

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