The Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations modify the provisions in Part 3 of the Banking Act 2009 (c. 1) (“the Act”), which sets out the bank administration procedure.

Regulation 2 specifies that the Schedule to these Regulations sets out modifications to Part 3 of the Act as applied by section 149(1) of the Act (general application of this Part) where more than one property transfer instrument is made by the Bank of England.

Regulation 3 specifies that the modifications listed in the Schedule apply, with the general modifications set out in that Regulation, where Part 3 is applied by section 149 and 152 of the Act (property transfer from temporary public ownership).

Section 152(3) confers a power on the Treasury to make regulations applying Part 3 where the Treasury make a share transfer order in respect of the securities issued by a bank (or a bank’s holding company), in accordance with section 13(2) (temporary public ownership) and later make a property transfer order in respect of the bank (or from another bank which is in the same group as the bank) under section 45(2) of the Act (property transfer from temporary public ownership). The Treasury has made regulations in exercise of that power and the regulations are entitled the Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312).

Regulation 3, therefore, applies Part 3 of the Act where the Treasury make more than one property transfer instrument. In these Regulations, in accordance with section 149(2), a reference to a “property transfer instrument” made by the Treasury includes a property transfer order under section 45(2) and a supplemental property transfer order under section 42 (supplemental instrument) as applied by section 45(7).