Financial Services Act 2012 (c. 21)

PART 4 U.K. Collaboration between Treasury and Bank of England, FCA or PRA

59 Duty of Bank to notify Treasury of changes U.K.

(1) This section applies where a public funds notification has been given.

(2) If the Bank of England is of the opinion that the risk to which the notification relates continues but that there is a substantial change in the matters which gave rise to the notification, the Bank must notify the Treasury.

(3) If the Bank of England is of the opinion that the risk to which the notification relates has ceased, it must notify the Treasury.

(4) Before giving a notification under subsection (3), the Bank must consult the Treasury.

(5) A notification under subsection (3) must be given or confirmed in writing.

Commencement Information

I1 S. 59 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.