http://www.legislation.gov.uk/ukpga/2009/1/section/48DBanking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19
Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3)Banking Act 2009s. 48D(1)The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018Sch. 1 para. 21(3)reg. 1(2)
Part 1Special Resolution RegimeChapter 3 <Addition ChangeId="key-66128f0e1311ca44b09df6cb3e25b25a-1582893808011" CommentaryRef="key-66128f0e1311ca44b09df6cb3e25b25a"> Special resolution action</Addition> <Emphasis><Addition ChangeId="key-e08285c6098396b69338da688e9dbcc0-1579794794815" CommentaryRef="key-e08285c6098396b69338da688e9dbcc0">Bail-in option</Addition></Emphasis><Addition ChangeId="key-e08285c6098396b69338da688e9dbcc0-1579794794815" CommentaryRef="key-e08285c6098396b69338da688e9dbcc0">General interpretation of section 48B</Addition>48D1In section 48B—“client assets” means assets which the bank has undertaken to hold on trust for, or on behalf of, a client;“contract” includes any instrument;“credit institution” means any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in Article 2.5(2), (3) or (24) of Directive 2013/36/EU of the European Parliament and of the Council; “designated settlement system” means a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979); ... “employee” includes the holder of an office;... ... “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities; “recognised central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000; “secured” means secured against property or rights, or otherwise covered by collateral arrangements; “third country central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000. 2In subsection (1)—“assets” has the same meaning as in section 232(4) (ignoring for these purposes section 232(5A)(b));“collateral arrangements” includes arrangements which are title transfer collateral arrangements for the purposes of section 48.2AThe definition of “investment firm” in section 258A applies for the purposes of section 48B but for these purposes—aany exclusions made under the power conferred by subsection (2)(b) of section 258A are to be ignored; andban institution is to be treated as falling within the definition only if it has permission to carry on the investment services and activities in point 3 or 6 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2Pt. 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. 2Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)S. 48D(3) omitted (1.1.2015) by virtue of The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 50Pt. 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), 7Words in s. 48D(1) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 11(c)Words in s. 48D(1) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 11(d)Words in s. 48D(1) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 21(2); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 48D(1) substituted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 3(2) (with reg. 21) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 23(b) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in s. 48D(1) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(3), 64Words in s. 48D(1) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(3), 64Words in s. 48D(1) omitted (17.8.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 7(2)(a) (with regs. 24-26)Word in s. 48D(1) substituted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 7(2)(b) (with regs. 24-26)S. 48D(2A) inserted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 7(3) (with regs. 24-26)