PART 4

Collaboration between Treasury and Bank of England, FCA or PRA

Duty of Bank to notify Treasury of changes
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1
This section applies where a public funds notification has been given.
2
If the Bank of England is of the opinion that the risk to which the notification relates continues but that there is a substantial change in the matters which gave rise to the notification, the Bank must notify the Treasury.
3
If the Bank of England is of the opinion that the risk to which the notification relates has ceased, it must notify the Treasury.
4
Before giving a notification under subsection (3), the Bank must consult the Treasury.
5
A notification under subsection (3) must be given or confirmed in writing.