Search Legislation

Financial Services (Banking Reform) Act 2013

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: PART 3

 Help about opening options

Alternative versions:

Status:

Point in time view as at 07/02/2023.

Changes to legislation:

Financial Services (Banking Reform) Act 2013, PART 3 is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

PART 3 U.K.Bail-in stabilisation option

17Bail-in stabilisation optionU.K.

(1)Schedule 2 (which contains amendments relating to a new stabilisation option in Part 1 of the Banking Act 2009) has effect.

(2)The Treasury may by order make any provision they consider appropriate in consequence of the application to building societies of the amendments made by this Part.

(3)An order may, in particular—

(a)enable the Bank of England, for the purpose of enabling it to exercise in relation to the business of a building society any of the powers exercisable as a result of the amendments made by this Part—

(i)to convert the building society into a company, or

(ii)to transfer the business of the building society to a company which immediately before the transfer is owned by the Bank or by a person of a description specified in the order;

(b)enable the Bank of England, in connection with the exercise of a power conferred by virtue of paragraph (a), to cancel membership rights or shares in the building society;

(c)provide for any power exercisable as a result of the amendments made by this Part to be exercisable in relation to the company—

(i)into which the building society is converted, or

(ii)to which the business of the building society is transferred;

(d)enable the Bank of England, in a case where it has transferred the business of a building society by virtue of paragraph (a)(ii), to dissolve the building society at any time after the transfer;

(e)confer functions on the Treasury, the Bank of England, the FCA, the PRA or a [F1resolution administrator];

(f)make further amendments of Part 1 of the Banking Act 2009;

(g)amend or modify the effect of the Building Societies Act 1986 or any other enactment to which this subsection applies.

(4)Subsection (3) applies to any enactment (including a fiscal enactment) passed or made—

(a)before the passing of this Act, or

(b)on or before the last day of the Session in which this Act is passed.

(5)In this section—

  • F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • building society” has the same meaning as in section 84 of the Banking Act 2009;

  • company” means a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares.

  • [F3“resolution administrator” is to be read in accordance with sections 62B to 62E of the Banking Act 2009.]

Textual Amendments

F2S. 17(5) definition of “bail-in administrator” omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 6(b)(i)

F3S. 17(5) definition of “resolution administrator” inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 6(b)(ii)

Commencement Information

I1S. 17 in force at 1.3.2014 for specified purposes by S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

I2S. 17 in force at 31.12.2014 in so far as not already in force by S.I. 2014/3160, art. 2(1)(b)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?