http://www.legislation.gov.uk/ukpga/2009/1/section/78Banking 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. 3(5)The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026reg. 19(4)reg. 1(2) Part 1Chapter 3 781The Bank of England may not exercise the power to make a mandatory reduction instrument or a stabilisation power in respect of a bank without the Treasury's consent if the exercise would be likely to have implications for public funds.2In subsection (1)—a“public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, andbaction has implications for public funds if it would or might involve or lead to a need for the application of public funds.3The Treasury may by order specify considerations which are to be, or not to be, taken into account in determining whether action has implications for public funds for the purpose of subsection (1).4If the Treasury refuse consent under subsection (1), the Bank of England must consider other exercises of the power to make a mandatory reduction instrument or the stabilisation powers with a view to—apursuing the special resolution objectives, andbavoiding the objections on which the Treasury's refusal was based.5The Treasury may by notice to the Bank of England disapply subsection (4) in respect of a bank; and a notice may be revoked by further notice.6An order under subsection (3)—ashall be made by statutory instrument, andbshall be subject to annulment in pursuance of a resolution of the House of Commons.S. 78 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2S. 78 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1Pt. 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. 2Words in s. 78(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 84(2)Words in s. 78(4) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 84(3)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