Bail-in option: recovery of expenses48WA

1

The Bank of England may, in relation to the exercise of the bail-in option, direct a relevant bank to pay the Bank of England a fee to cover expenses reasonably incurred by the Bank in connection with exercising that option.

2

The Treasury may direct a relevant bank to pay the Treasury a fee to cover expenses reasonably incurred by the Treasury in connection with the exercise by the Bank of England of the bail-in option in relation to the relevant bank.

3

For the purposes of this section—

a

a “relevant bank” is a bank in relation to which the Bank of England has made—

i

a resolution instrument under section 12A(2),

ii

a supplemental resolution instrument under section 48U(2), or

iii

an instrument containing special bail-in provision under section 48B,

b

the exercise of the bail-in option includes making any instrument containing special bail-in provision under section 48B.