The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009

Notification

4.—(1) Where section 214B applies, and the Treasury requires the scheme manager to make payments under regulation 3, the Treasury will notify the scheme manager as soon as practicable.

(2) The notification under paragraph (1)—

(a) shall include—

(i) the name and address of the banking institution in respect of which, or in connection with which, the stabilisation power has been exercised,

(ii) a statement that the Treasury think that the banking institution was or, but for the exercise of the stabilisation power, would have become unable to satisfy claims against it,

(iii) details of the stabilisation power exercised,

(iv) details of when it was exercised,

(v) details of the transferee (if any),

(vi) the activities in regulation 3 in connection with which the scheme manager is required to make payments,

(vii) subject to regulation 6(2), either—

(aa) a calculation of the provisional amount (“Amount A”) of the scheme’s liability in respect of the activities in sub-paragraph (vi) and any information and assumptions upon which this calculation is based, or

(bb) (if insufficient information is known at the time the notification is made), an estimate of Amount A,

(viii) details as to any payments to be made by the scheme manager in respect of Amount A and when those payments are to be made,

(ix) details of the person to whom any payments are to be made; and

(b) may also include—

(i) any relevant conditions to be satisfied before payments are to be made, and

(ii) any further information that the Treasury consider necessary in respect of payments to be made.

(3) Amount A, and any other information contained in a notification may be adjusted from time to time by the Treasury sending a revised notification to the scheme manager.

(4) A notification under this regulation may be given by such means as the Treasury consider appropriate.