C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F2Chapter 3 Special resolution action

Annotations:
Amendments (Textual)
F2

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

Transfer of property

44BAF1F3Property transfer instruments and special bail-in provision: supplementary matters

1

The following provisions apply in relation to a property transfer instrument which makes special bail-in provision under section 44B(1) as they apply in relation to a resolution instrument—

a

section 48L (powers in relation to securities) ;

b

section 48O (power to direct directors of the bank);

c

section 48Q (continuity);

d

section 48R (execution and registration of instruments);

e

section 48S (resolution instruments: general matters);

f

section 48U (supplemental resolution instruments).

2

In sections 6E(4)(a)(iii) , 48B, 48X(2)(b)(ii) and 48Y(1)(a) and (2)(a) a reference to a resolution instrument includes a reference to a property transfer instrument which makes special bail-in provision under section 44B(1).

3

Where special bail-in provision is being made in—

a

a supplemental property transfer instrument under section 42 in relation to which the original instrument is an onward property transfer instrument under section 43(2), or

b

an onward property transfer instrument under section 43(2),

references in sections 48B (except in subsection (9)), 48L, 48O and 48U to a bank include a resolution company (whether or not it is a bank).

4

Where subsection (3) applies, the references in section 48B(3) and (9) to a banking group company, or to a banking group company in relation to a bank, are to a banking group company in relation to the bank in respect of which the Bank of England originally exercised a stabilisation power (and not to a banking group company in relation to the resolution company).