The Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 and come into force on 21st February 2009.

(2) In these Regulations—

“the Act” means the Banking Act 2009;

“onward public sector transferee” means a transferee under a property transfer order by virtue of section 45(2) of the Act who is a company wholly owned by—

(a)

the Bank of England,

(b)

the Treasury, or

(c)

a nominee of the Treasury;

“private sector transferee” means a transferee under a property transfer order by virtue of section 45(2) of the Act who is not an onward public sector transferee.

Application following transfer of bank etc to temporary public ownership

2.—(1) These Regulations make modifications to Part 3 of the Act (bank administration) as applied by section 152(2) of the Act (which applies Part 3 to banks where the Treasury has made a share transfer order to transfer the securities of a bank or a bank’s holding company into temporary public ownership, and makes a property transfer order in respect of that bank to transfer property from the bank to another person)(1).

(2) Regulations 3 and 4 make general modifications.

(3) The Tables in the Schedule make modifications to the specific provisions listed within them.

General modifications to Part 3 of the Act

3.  In Part 3 of the Act a reference to—

“the Bank of England” is a reference to “the Treasury” (unless otherwise specified in the Schedule);

“a property transfer instrument” is a reference to “a property transfer order”.

General modifications to Tables 1 and 2 of section 145

4.  In Tables 1 and 2 of section 145 of the Act (which apply provisions of the Insolvency Act 1986(2) in relation to bank administration), in addition to the modifications made by Regulation 3, a reference to “a bridge bank” is a reference to “an onward public sector transferee”.

Dave Watts

Steve McCabe

Two of the Lords Commissioners of Her Majesty’s Treasury

19th February 2009