Part 1

Special Resolution Regime
Chapter 3

Special resolution action

The stabilisation options

Temporary public ownership
13
1
The fifth stabilisation option is to take the bank into temporary public ownership.
2
For that purpose the Treasury may make one or more share transfer orders in which the transferee is—
a
a nominee of the Treasury, or
b
a company wholly owned by the Treasury.
3
The code of practice under section 5 must include provision about the management of banks taken into temporary public ownership under this section.
S. 13 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
S. 13 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
Word in s. 13(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 23
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7