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Banking Act 2009

Banking Act 2009

2009 CHAPTER 1

Commentary on Sections

Part 1: Special Resolution Regime.

Treasury

Section 77: International obligation notice: bridge bank

206.This section makes provision about the role of the Treasury with regard to meeting international obligations when controlling a bridge bank.

207.Subsection (2) states that the Bank of England must comply with any notice provided by the Treasury, for the purpose of ensuring compliance by the UK with its international obligations, to take or not to take specified action in respect of a bridge bank.

208.Subsection (3) sets out the procedure for such notices.

209.Subsection (4) provides that a notice may include requirements on timing.

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