Part 1Special Resolution Regime
Chapter 3 Special resolution action
F1Bail-in option
48NDirectors F2and senior managers
(1)
A resolution instrument may enable the Bank of England—
(a)
to remove a director F3or senior manager of a specified bank;
(b)
to vary the service contract of a director F3or senior manager of a specified bank;
(c)
to terminate the service contract of a director F3or senior manager of a specified bank;
(d)
to appoint a director F3or senior manager of a specified bank.
(2)
Subsection (1) also applies to a director F4or senior manager of any undertaking which is a banking group company in respect of a specified bank.
(3)
Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.
F5(4)
In this section “senior manager” means a person who—
(a)
exercises executive functions within a specified bank or banking group company, and
(b)
is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.