xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

Part 1U.K.Special Resolution Regime

Modifications etc. (not altering text)

[F1Chapter 3 U.K. Special resolution action]

Textual Amendments

F1Pt. 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

[F2Bail-in optionU.K.

Textual Amendments

F2Ss. 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)

48NDirectors [F3and senior managers] U.K.

(1)A resolution instrument may enable the Bank of England—

(a)to remove a director [F4or senior manager] of a specified bank;

(b)to vary the service contract of a director [F4or senior manager] of a specified bank;

(c)to terminate the service contract of a director [F4or senior manager] of a specified bank;

(d)to appoint a director [F4or senior manager] of a specified bank.

(2)Subsection (1) also applies to a director [F5or 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.

[F6(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.]]

Textual Amendments