Part 3

Bank Administration

Process

Sharing information
148
1
This section applies to bank administration following transfer to a resolution company.
2
Within the period of 5 days beginning with the day on which the bank administrator is appointed, the Bank of England must give the bank administrator information about the financial positions of the residual bank and the resolution company.
3
While the residual bank is in bank administration the resolution company must give the bank administrator on request information about the financial position of the resolution company that the bank administrator requires for the purposes of pursuing Objective 1 in section 137.
4
Until the Bank of England has given an Objective 1 Achievement Notice, the bank administrator must—
a
give the Bank of England information on request,
b
allow the Bank of England access to records on request,
c
give the resolution company information on request,
d
allow the resolution company access to records on request,
e
keep the Bank of England informed about, and allow the Bank to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137, and
f
keep the resolution company informed about, and allow the resolution company to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137.
5
The Treasury shall by regulations prescribe—
a
the classes of information that must be provided under subsections (2) to (4), and
b
the classes of record to which access must be allowed under subsection (4).
6
Regulations under subsection (5)—
a
shall be made by statutory instrument, and
b
shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Pt. 3 modified (21.2.2009) by The Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312), regs. 1(1), 2-4, Sch.
Pt. 3 modified (21.2.2009) by Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313), regs. 1(1), 2, 3, Sch. 1
S. 148 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 3
Pt. 3 applied (with modifications) by Building Societies Act 1986 (c. 53), s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)
Pt. 3 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 2 para. 6 (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 198(q)(ii) (with Sch. 2 para. 213))
S. 148 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 3
Words in s. 148(1)-(4) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(9)
Pt. 3 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 Pts. 1, 3 (as amended (7.4.2010) by S.I. 2010/1189, arts. 1(2), 2 and amended (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 8)