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The Bank Administration (Sharing Information) Regulations 2009
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- 2009 No. 314
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are made under section 148 of the Banking Act 2009 (c.1) (“the Act”).
These Regulations apply to bank administration (Part 3 of the Act) in certain cases and prescribe the classes of information to be provided to the bank administrator, or on request to be provided by the bank administrator, in order to allow the bank administrator to fulfil his or her duties in the bank administration effectively.
Regulation 3 specifies that Regulations 5 to 10 apply to bank administration following a transfer to a bridge bank in accordance with section 12 (bridge bank) and section 148(1) of the Act.
Regulation 4 specifies that Regulations 5 to 10 apply with the modifications set out in Tables 1 and 2 of the Schedule to bank administration following the transfer by the Treasury of the securities of a bank or a bank holding company into temporary public ownership in accordance with section 13(2) of the Act and a transfer of property from that bank in accordance with section 45(2) of the Act. In such a case, section 148 applies with modifications. These modifications are set out in Table 1 of the Schedule to the Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312), which were made under the power conferred by section 152(3) of the Act (property transfer from temporary public ownership).
Regulations 5 and 6 set out the information to be provided to the bank administrator under section 148(2) of the Act.
Regulations 7, 8 and 9 set out the information to be provided by the bank administrator on request under section 148(3), (4)(a) and (4)(c) of the Act.
Regulation 10 sets out the class of records to be made available by the bank administrator under section 148(4)(b) and (d) of the Act.
An impact assessment of the effect of the Banking Act 2009 is available on HM Treasury’s website (www.hm-treasury.gov.uk.).
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