The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020

Mandatory write-down, conversion etc.

8.  In section 6C (mandatory reduction instruments: implementation of requirements of section 6B)(1)—

(a) in subsection (1), in the opening words after “relevant capital instrument”, insert “or a relevant internal liability”;

(b) in subsection (1), in paragraphs (b) and (c) after “relevant capital instrument”, insert “or the relevant internal liability”;

(c) in subsection (1), in paragraph (b) after “the instrument”, in both places it occurs insert “or relevant internal liability”;

(d) in subsection (2), after “relevant capital instruments” insert “or relevant internal liabilities”;

(e) in subsection (3), after “relevant capital instruments” in both places it occurs insert “or relevant internal liabilities”;

(f) in subsection (4), after “relevant capital instruments” insert “or relevant internal liabilities”; and

(g) in subsection (4)(d), after “capital instrument” insert “or relevant internal liability”.

(1)

Section 6C was inserted by S.I. 2014/3329.