The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

[F1Secured liabilities: eligible depositsU.K.

This section has no associated Explanatory Memorandum

5A.—(1) This article applies where the property or rights against which a liability is secured consist of, or include, eligible deposits.

(2) Article 5 does not apply if the Bank of England considers that, in order to ensure that eligible deposits are available to depositors, it is necessary—

(a)to transfer the eligible deposits without the other property or rights against which the liability is secured, or without the liability which they are securing, or

(b)to transfer the other property or rights against which the liability is secured, or the liability, without the eligible deposits.

(3) For the purposes of this article, “eligible deposit” means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme.]

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