Part 1

Special Resolution Regime
Chapter 1

Introduction

Interpretation: “bank”
2
1
In this Part “bank” means a UK institution which has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 and any order under section 22).
2
But “bank” does not include—
a
a building society (within the meaning of section 119 of the Building Societies Act 1986),
b
a credit union within the meaning of section 31 of the Credit Unions Act 1979 or a credit union within the meaning of Article 2(2) of the Credit Unions (Northern Ireland) Order 1985, or
c
any other class of institution excluded by an order made by the Treasury.
3
In subsection (1) “UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom.
4
Where a stabilisation power is exercised in respect of a bank, it does not cease to be a bank for the purposes of this Part if it later loses the permission referred to in subsection (1).
5
An order under subsection (2)(c)—
a
shall be made by statutory instrument, and
b
may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
6
Section 84 applies this Part to building societies with modifications.
7
Section 89 allows the application of this Part to credit unions.
8
Section 89A applies this Part to investment firms with modifications.
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Section 89JA applies this Part to UK branches of third-country institutions with modifications.
S. 2 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. 2 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Words in s. 2(2)(b) inserted (31.3.2012) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), arts. 2(c), 12(2)
Words in s. 2 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 3 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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
S. 2(8) inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 101(3), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2
Pt. 1 Ch. 1 formed from ss. 1-3 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 3
S. 2(10) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 29(3)
S. 2(9) omitted (31.12.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 162(3); S.I. 2023/1382, reg. 8(b) (with reg. 14)