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The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020

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This is the original version (as it was originally made).

PART 1Amendments to primary legislation

Banking Act 2009

1.—(1) The Banking Act 2009(1) is amended as follows.

(2) In section 3(1)(2), for the definition of “extraordinary public financial support” substitute—

““extraordinary public financial support” means financial assistance that is provided by the Treasury or the Bank of England in order to preserve or restore the viability, liquidity or solvency of a bank, a banking group company or a group which includes a bank, other than—

(a)

ordinary market assistance offered by the Bank of England on its usual terms, or

(b)

a liquidity facility which is provided—

(i)

to a bank that is facing temporary liquidity problems but is solvent, and

(ii)

by the Bank of England on its own initiative and on its own terms,

and for the purposes of this definition “group” (other than in “banking group company”) has the meaning given in subsection (2)(b);.”.

(3) Omit section 145A(3).

(4) Omit section 256A(4) (and the italic heading before it).

Financial Services Act 2012

2.  Omit section 103 of the Financial Services Act 2012(5).

Financial Services (Banking Reform) Act 2013

3.  Omit paragraph 11 of Schedule 2 to the Financial Services (Banking Reform) Act 2013(6).

(2)

Section 3 was amended by S.I. 2014/3329, S.I. 2016/1239, S.I. 2018/1394 and S.I. 2019/1212.

(3)

Section 145A was inserted by section 103 of the Financial Services Act 2012 (c. 21) and amended by S.I. 2014/3329.

(4)

Section 256A was inserted by paragraph 11 of Schedule 2 to the Financial Services (Banking Reform) Act 2013 (c. 33) and amended by S.I. 2014/3329.

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