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The Bank Recovery and Resolution Order 2016
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Recovery of expenses
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14. After section 48W (reverse transfer), insert—
“Bail-in option: recovery of expenses
48WA.—(1) The Bank of England may, in relation to the exercise of the bail-in option, direct a relevant bank to pay the Bank of England a fee to cover expenses reasonably incurred by the Bank in connection with exercising that option.
(2) The Treasury may direct a relevant bank to pay the Treasury a fee to cover expenses reasonably incurred by the Treasury in connection with the exercise by the Bank of England of the bail-in option in relation to the relevant bank.
(3) For the purposes of this section—
(a)a “relevant bank” is a bank in relation to which the Bank of England has made—
(i)a resolution instrument under section 12A(2),
(ii)a supplemental resolution instrument under section 48U(2), or
(iii)an instrument containing special bail-in provision under section 48B,
(b)the exercise of the bail-in option includes making any instrument containing special bail-in provision under section 48B.”.
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