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

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This is the original version (as it was originally made).

Suspension prior to exercise of stabilisation powers: procedure

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86.—(1) The following sections of the Act apply in relation to an instrument under regulation 83, 84 or 85 as they apply to a resolution instrument—

(a)section 48O;

(b)section 48Q;

(c)section 48R;

(d)section 48S; and

(e)section 48T.

(2) Where the Bank of England makes one or more instruments under regulation 83, 84 or 85 in respect of a bank, the Bank must, on request by the Treasury, report to the Chancellor of the Exchequer about—

(a)the exercise of the power to make an instrument;

(b)the activities of the bank; and

(c)any other matters in relation to the bank that the Treasury may specify.

(3) In relation to the matters in paragraphs (2)(a) and (b), the report must comply with any requirements that the Treasury may specify.

(4) The Chancellor of the Exchequer must lay a copy of each report under subsection (2) before Parliament.

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