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The Bradford & Bingley plc Transfer of Securities and Property etc. (Amendment) Order 2009
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- 2009 No. 320
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends the Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546) (“the Order”).
Article 2(2) amends Article 6 of the Order to make further provision as to the circumstances in which the principal and interest in respect of dated subordinated notes issued by Bradford & Bingley will become due and payable. The amendment provides that such payments are only due and payable if Bradford & Bingley notify the holders of such notes that they are due or payable, or if Bradford & Bingley has satisfied in full its liability under article 30 of the Order to the Financial Services Compensation Scheme. In each case the payment is only due and payable to the extent that Bradford & Bingley can make the payment and continue to remain solvent. The amendment also makes provision for the position of holders of dated subordinated debt in the event of a winding-up of, or on a distribution by an administrator appointed in respect of, Bradford & Bingley.
Article 2(3) corrects a typographical error in the Order.
A full Impact Assessment of the effect that this instrument will have on the costs of business and the voluntary sector has been prepared. It may be obtained from the Financial Stability Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk) and is annexed to the Explanatory Memorandum published alongside this instrument on the OPSI website (www.opsi.gov.uk).
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