Sections 81B and 81ZBA: supplemental
93
1
Section 81C (section 81B: supplemental) is amended as follows.
2
In subsection (1)—
a
omit the “and” at the end of paragraph (a);
b
after paragraph (a) insert—
aa
section 48Z, and
.
3
After subsection (1) insert—
1A
Where section 6B applies to a banking group company by virtue of section 81AA, sections 6B to 6D apply with the following modifications—
a
references to the bank are to be read as references to the banking group company,
b
in section 6B, in subsection (8) the reference to section 6A is to be read as a reference to section 81AA and subsection (9) is to be ignored,
c
in sections 6B and 6C references, which (by virtue of paragraph (a)) are read as references to a UK parent undertaking of a banking group company, include, where the banking group company satisfied section 81D(1)(a) by reference to a bank which is not a UK parent undertaking of the banking group company, a reference to that bank,
d
for the purposes of section 6D, references to a bank in sections 48L(3), 48O and 48T are to be read as references to the banking group company, and, where the banking group company satisfied section 81D(1)(a) by reference to a bank (“the failing bank”), those references to a bank (except the first reference in section 48T(1)) are also to be read as including a reference to the failing bank.
1B
Where the Bank of England makes a mandatory reduction instrument in respect of a banking group company, section 6E applies (with any necessary modifications) as if the banking group company were a bank.
.
4
In subsection (2)—
a
after “81B” insert “or 81ZBA”, and
b
for “and 8” substitute “, 8 and 8ZA”.
5
Accordingly, in the heading for that section after “81B” insert “or 81ZBA”.
Section 81C was inserted by section 100 of the Financial Services Act 2012 (c.21).