Banking Act 2009

150 [F1Resolution company] to private purchaserU.K.

This section has no associated Explanatory Notes

(1)This section applies where the Bank of England gives a bank administrator —

(a)an Objective 1 Achievement Notice in respect of a [F2resolution company], 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 [F2resolution company].

(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 [F3resolution company]

(a)has effect as between the bank administrator and the [F3resolution company], 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.

Textual Amendments

F1Words in s. 150 heading substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)

Commencement Information

I1S. 150 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3