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Financial Services Act 2012

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This is the original version (as it was originally enacted).

99Reports following exercise of a stabilisation power

This section has no associated Explanatory Notes

(1)After section 79 of the Banking Act 2009 insert—

79APrivate sector purchaser: report

(1)This section applies where the Bank of England sells all or part of a bank's business to a commercial purchaser.

(2)The Bank must report to the Chancellor of the Exchequer about the exercise of the power to make share transfer instruments and property transfer instruments under section 11(2).

(3)The report must comply with any requirements as to content specified by the Treasury.

(4)The report must be made as soon as is reasonably practicable after the end of one year beginning with the date of the first transfer instrument made under section 11(2).

(2)After section 81 of that Act insert—

81AAccounting information to be included in reports under sections 80 and 81

(1)A report under section 80(1) or 81 must include accounting information in respect of the bank or bridge bank that is the subject of the report.

(2)In this section “accounting information” means—

(a)a balance sheet that, in the opinion of the person making the report, gives a true and fair view of the state of affairs of the bank or bridge bank as at the reporting date, and

(b)a profit and loss account that, in the opinion of the person making the report, gives a true and fair view of the profit or loss of the bank or bridge bank for the reporting period.

(3)In this section—

(a)“reporting period” means the period to which the report relates, and

(b)“reporting date” means the last day of the reporting period.

(3)In section 1(6) of that Act (table describing provisions of Part 1), in the entry relating to sections 76 to 81, for “81” substitute “81A”.

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