Banking Act 2009

148 Sharing information

(1) This section applies to bank administration following transfer to a bridge bank.

(2) Within the period of 5 days beginning with the day on which the bank administrator is appointed, the Bank of England must give the bank administrator information about the financial positions of the residual bank and the bridge bank.

(3) While the residual bank is in bank administration the bridge bank must give the bank administrator on request information about the financial position of the bridge bank that the bank administrator requires for the purposes of pursuing Objective 1 in section 137.

(4) Until the Bank of England has given an Objective 1 Achievement Notice, the bank administrator must—

(a) give the Bank of England information on request,

(b) allow the Bank of England access to records on request,

(c) give the bridge bank information on request,

(d) allow the bridge bank access to records on request,

(e) keep the Bank of England informed about, and allow the Bank to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137, and

(f) keep the bridge bank informed about, and allow the bridge bank to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137.

(5) The Treasury shall by regulations prescribe—

(a) the classes of information that must be provided under subsections (2) to (4), and

(b) the classes of record to which access must be allowed under subsection (4).

(6) Regulations under subsection (5)—

(a) shall be made by statutory instrument, and

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