Multiple transfers
149General application of this Part
(1)This section applies where more than one property transfer instrument is made in respect of a bank.
(2)For that purpose “property transfer instrument” includes—
(a)supplemental instruments under section 42,
(b)onward property transfer instruments under section 43, and
(c)property transfer orders under section 45.
(3)This Part applies to the bank with any modifications specified by the Treasury in regulations.
(4)The regulations—
(a)shall be made by statutory instrument, and
(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
150Bridge bank to private purchaser
(1)This section applies where the Bank of England gives a bank administrator —
(a)an Objective 1 Achievement Notice in respect of a bridge bank, and
(b)notice that Objective 1 is still required to be pursued in respect of a commercial purchaser who has acquired all or part of the business of the bridge bank.
(2)An Objective 1 Achievement Notice accompanied by a notice under subsection (1)(b) is referred to in this Part as an Objective 1 Interim Achievement Notice.
(3)Where an Objective 1 Interim Achievement Notice is given, Objective 1 continues to apply—
(a)in accordance with section 138(3), and
(b)with the commercial purchaser being treated as the “private sector purchaser”.
(4)An Objective 1 Interim Achievement Notice in respect of the bridge bank—
(a)has effect as between the bank administrator and the bridge bank, but
(b)has no other effect for the purposes of provisions of this Part which refer to the giving of an Objective 1 Achievement Notice.
(5)When the Bank of England gives the bank administrator an Objective 1 Achievement Notice in respect of the commercial purchaser, section 139 and other provisions of this Part which refer to the giving of an Objective 1 Achievement Notice shall have effect.
151Property transfer from bridge bank
(1)This section applies where the Bank of England —
(a)transfers all or part of the business of a bank (“the original bank”) to a bridge bank (“the original bridge bank”) by making a property transfer instrument in accordance with section 12(2), and
(b)later makes or proposes to make an onward property transfer instrument under section 43(2) from the bridge bank to a transferee (“the onward transferee”).
(2)If the onward transferee is a company which is wholly owned by the Bank of England—
(a)the onward transferee is treated as a bridge bank for the purposes of this Part, and
(b)the original bridge bank is treated as a residual bank for the purposes of this Part.
(3)In any other case, the Bank of England may determine that the original bridge bank is to be treated as a residual bank for the purposes of this Part.
(4)Where the original bridge bank is put into bank administration in reliance on subsection (2)(b), Objective 1 shall apply in accordance with section 138(4) in relation to both—
(a)services provided by the original bank to the original bridge bank, and
(b)services provided by the original bridge bank to the onward transferee.
(5)Where the original bridge bank is put into bank administration in reliance on a determination under subsection (3), Objective 1 shall apply in accordance with—
(a)section 138(3) in relation to services provided by the original bridge bank to the onward transferee, and
(b)section 138(4) in relation to services provided by the original bank to the original bridge bank.
(6)But the Bank may determine—
(a)that subsection (5) does not apply, and
(b)that section 150 shall apply as if the Bank had given—
(i)an Objective 1 Interim Achievement Notice in respect of the original bridge bank, and
(ii)a notice under section 150(1)(b) in respect of the onward transferee.
152Property transfer from temporary public ownership
(1)This section applies where the Treasury—
(a)make a share transfer order, in respect of securities issued by a bank (or a bank’s holding company), in accordance with section 13(2), and
(b)later make a property transfer order from the bank (or from another bank which is or was in the same group as the bank) under section 45(2).
(2)This Part applies to the transferor under the property transfer order as to the transferor under a property transfer instrument.
(3)For that purpose this Part applies with any modifications specified by the Treasury in regulations; and the regulations—
(a)shall be made by statutory instrument, and
(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.