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
F2Chapter 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
Treasury
78AF1Pre-conditions for financial assistance: duty of Bank to give information
1
The Treasury may at any time require the Bank of England to inform them in writing whether or not a condition for financial assistance has been met in relation to a particular bank.
2
“Condition for financial assistance” means a condition specified in—
a
Article 37(10)(a) (financial assistance through government stabilisation tools), or
b
Article 44(5)(a) (contributions to institution from resolution financing arrangement where F3bail-in liabilities have been excluded from bail-in),
of the recovery and resolution directive.
3
If the Bank of England seeks the Treasury’s consent to the making of a mandatory reduction instrument or the exercise of a stabilisation power in accordance with section 78, the Bank must notify the Treasury in writing—
a
whether or not the proposals involve action in relation to which a condition for financial assistance applies, and
b
if the proposals do involve such action, whether or not the condition in question has been met.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2