Part 1

Special Resolution Regime
Chapter 3

Special resolution action

Treasury

International obligation notice: resolution company
77
1
This section applies where the Bank of England has transferred all or part of a bank's business to a resolution company.
2
The Bank of England must comply with any notice of the Treasury requiring the Bank, for the purpose of ensuring compliance by the United Kingdom with its international obligations—
a
to take specified action under this Part in respect of the resolution company, or
b
not to take specified action under this Part in respect of the resolution company.
3
A notice under subsection (1)—
a
must be in writing, and
b
may be withdrawn (generally, partially or conditionally).
4
A notice may include requirements about timing.
S. 77 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
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
Words in s. 77 substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 83(1)
Words in s. 77 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 83(2)
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