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Banking Act 2009
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Changes over time for: Section 44B
Version Superseded: 16/12/2016
Alternative versions:
- 31/12/2014- Amendment
- 01/01/2015- Amendment
- 01/01/2015
Point in time - 16/12/2016- Amendment
Status:
Point in time view as at 01/01/2015. This version of this provision has been superseded.
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Banking Act 2009, Section 44B is up to date with all changes known to be in force on or before 15 February 2025. 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.
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[F144BProperty transfer instruments: special bail-in provisionU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)A property transfer instrument under section [F211(2), 12(2), 12ZA(3)] or 41A(2), or an associated supplemental property transfer instrument, may make special bail-in provision with respect to the bank (see section 48B).
(2)The reference in subsection (1) to an “associated” supplemental property transfer instrument is to a supplemental property transfer instrument in relation to which the original instrument (as defined in section 42(1)) is a property transfer instrument under section [F311(2), 12(2), 12ZA(3)] or 41A(2).
(3)In the case of a property transfer instrument under section 12(2), [F4or 12ZA(3),] or a supplemental property transfer instrument in relation to which the original instrument is a property transfer instrument under section 12(2), [F4or 12ZA(3),] the power under subsection (1) to make the provision described in section 48B(1)(b) (see also rule 3(a) and (b) of section 48B(5)) includes power to make provision replacing a liability (of any form) of the bank mentioned in subsection (1) with a security (of any form or class) [F5of the bank or] of the bridge bank mentioned in section 12(1) [F6or the asset management vehicle mentioned in section 12ZA(1) (as the case may be)].
(4)Where securities of the bridge bank (“B”) are, as a result of subsection (3), held by a person other than the Bank of England, that does not prevent B from being regarded for the purposes of this Part (see particularly section [F712(1A) and 12ZA(2)]) as being wholly owned by the Bank of England, as long as the Bank of England [F8is entitled to exercise, or control the exercise of, voting rights in respect of] all the ordinary shares issued by B.]
Textual Amendments
F1Ss. 44A-44C inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 5(3); S.I. 2014/3160, art. 2(1)(b)
F2Words in s. 44B(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(2)
F3Words in s. 44B(2) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(3)
F4Words in s. 44B(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(4)(a)
F5Words in s. 44B(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(4)(b)
F6Words in s. 44B(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(4)(c)
F7Words in s. 44B(4) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(5)(a)
F8Words in s. 44B(4) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(5)(b)
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