The Building Society Special Administration Rules (Northern Ireland) 2014

Bank of England affidavit

12.—(1) An application for a special administration order in respect of a society shall be accompanied by an affidavit made on behalf of the Bank of England—

(a) certifying that the conditions for applying for a special administration order, set out in section 143 of the Banking Act, are met in respect of the society;

(b) stating the society’s current financial position to the best of the Bank of England’s knowledge and belief (including actual, contingent and prospective assets and liabilities);

(c) specifying any security which the Bank of England knows or believes to be held by a creditor of the building society;

(d) specifying whether any security confers power to appoint an administrative receiver (and whether an administrative receiver has been appointed);

(e) specifying any insolvency proceedings which have been instituted in respect of the society (including any process notified to the FCA and where relevant the PRA under section 90D of the Building Societies Act)(1);

(f) giving details of the property transfer instrument which the Bank of England has made or intends to make in respect of the society;

(g) where the property transfer instrument has not yet been made, explaining what effect it is likely to have on the society’s financial position;

(h) specifying how functions are to be apportioned where more than one person is to be appointed as special administrator (stating, in particular, whether functions are to be exercisable jointly or concurrently); and

(i) including any other material which the Bank of England thinks may help the court to decide whether to make the special administration order.

(2) The affidavit shall identify the person making it and shall include the capacity in which that person makes the affidavit and the basis for that person’s knowledge of the matters set out in it.

(1)

Section 90D was inserted by S. I. 2009/805 and amended by S.1. 2013/496.