PART 8

Amendments of Banking Act 2009

Special resolution regime and bank administration

Reports following exercise of a stabilisation power
99
1
After section 79 of the Banking Act 2009 insert—

Private sector purchaser: report
79A
1
This section applies where the Bank of England sells all or part of a bank's business to a commercial purchaser.
2
The Bank must report to the Chancellor of the Exchequer about the exercise of the power to make share transfer instruments and property transfer instruments under section 11(2).
3
The report must comply with any requirements as to content specified by the Treasury.
4
The report must be made as soon as is reasonably practicable after the end of one year beginning with the date of the first transfer instrument made under section 11(2).
2
After section 81 of that Act insert—

Accounting information to be included in reports under sections 80 and 81
81A
1
A report under section 80(1) or 81 must include accounting information in respect of the bank or bridge bank that is the subject of the report.
2
In this section “accounting information” means—
a
a balance sheet that, in the opinion of the person making the report, gives a true and fair view of the state of affairs of the bank or bridge bank as at the reporting date, and
b
a profit and loss account that, in the opinion of the person making the report, gives a true and fair view of the profit or loss of the bank or bridge bank for the reporting period.
3
In this section—
a
“reporting period” means the period to which the report relates, and
b
“reporting date” means the last day of the reporting period.
3
In section 1(6) of that Act (table describing provisions of Part 1), in the entry relating to sections 76 to 81, for “81” substitute “81A”.