Banking Act 2009

150 Bridge 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.