C1C2Part 1Special Resolution Regime
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
F1Chapter 3 Special resolution action
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
Compensation
I2I151Transfer to temporary public ownership
1
This section applies if the Treasury make a share transfer order in accordance with section 13(2).
2
The Treasury shall make either—
a
a compensation scheme order, or
b
a resolution fund order.
3
A resolution fund order made by virtue of subsection (2)(b) may include—
a
a compensation scheme order;
b
a third party compensation order (which may, in particular, make provision, in respect of specified classes of creditor, for rights in addition to any rights they may have by virtue of the resolution fund order).
4
A compensation scheme order made by virtue of subsection (2) may include a third party compensation order.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2