Subsidy Control Act 2022 (c. 23)

PART 2 U.K. Subsidy control requirements

CHAPTER 2 U.K. Prohibitions and other requirements

Ailing or insolvent enterprises U.K.

23 Liquidity provision for deposit takers or insurance companies U.K.

(1) A subsidy to support liquidity provision for an ailing or insolvent deposit taker or insurance company is prohibited by this section unless the conditions in subsections (2) to (4) are met.

(2) The condition in this subsection is that the subsidy is temporary.

(3) The condition in this subsection is that it is a condition of the giving of the subsidy that it is not used to absorb losses and does not become capital support.

(4) The condition in this subsection is that the public authority giving the subsidy has been or reasonably expects to be properly remunerated for the subsidy.

Commencement Information

I1 S. 23 not in force at Royal Assent, see s. 91

I2 S. 23 in force at 4.1.2023 by S.I. 2022/1359, reg. 2