[F148WABail-in option: recovery of expensesU.K.
(1)The Bank of England may, in relation to the exercise of the bail-in option, direct a relevant bank to pay the Bank of England a fee to cover expenses reasonably incurred by the Bank in connection with exercising that option.
(2)The Treasury may direct a relevant bank to pay the Treasury a fee to cover expenses reasonably incurred by the Treasury in connection with the exercise by the Bank of England of the bail-in option in relation to the relevant bank.
(3)For the purposes of this section—
(a)a “relevant bank” is a bank in relation to which the Bank of England has made—
(i)a resolution instrument under section 12A(2),
(ii)a supplemental resolution instrument under section 48U(2), or
(iii)an instrument containing special bail-in provision under section 48B,
(b)the exercise of the bail-in option includes making any instrument containing special bail-in provision under section 48B.]
Textual Amendments
F1S. 48WA inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 14