Chwilio Deddfwriaeth

Banking Act 2009

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 44B

 Help about opening options

Alternative versions:

Status:

Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Section 44B is up to date with all changes known to be in force on or before 18 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

[F144BProperty transfer instruments: special bail-in provisionU.K.
This adran has no associated Nodiadau Esboniadol

[F2(1)A property transfer instrument within subsection (2) may make special bail-in provision with respect to the bank (see section 48B) .

(2)The instruments referred to in subsection (1) are—

(a)a property transfer instrument under section 11(2), 12(2), 12ZA(3) or 41A(2),

(b)a supplemental property transfer instrument under section 42 in relation to which the original instrument is—

(i)a property transfer instrument under section 11(2), 12(2), 12ZA(3) or 41A(2),

(ii)an onward property transfer instrument under section 43(2), or

(iii)a bridge bank supplemental property transfer instrument under section 44D(2),

(c)an onward property transfer instrument under section 43(2), or

(d)a bridge bank supplemental property transfer instrument under section 44D(2).

(3)In the case of—

(a)a property transfer instrument under section 12(2) or 12ZA(3),

(b)a supplemental property transfer instrument under section 42 in relation to which the original instrument is—

(i)a property transfer instrument under section 12(2) or 12ZA(3),

(ii)an onward property transfer instrument under section 43(2), or

(iii)a bridge bank supplemental property transfer instrument under section 44D(2),

(c)an onward property transfer instrument under section 43(2), or

(d)a bridge bank supplemental property transfer instrument under section 44D(2),

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 the provision referred to in subsection (3A).

(3A)The provision referred to in subsection (3) is provision replacing a liability (of any form)—

(a)of the bank, in the case of the instruments within subsection (3)(a) and (b)(i),

(b)of the resolution company mentioned in section 43(1), in the case of the instruments within subsections (3)(b)(ii) and (c), or

(c)of the bridge bank mentioned in section 44D(1), in the case of the instruments within subsections (3)(b)(iii) and (d),

with a relevant security (of any form or class).

(3B)The following are relevant securities for the purpose of subsection (3A)—

(a)in any case, a security of the bank,

(b)where the instrument within subsection (3)(a), or the original instrument, is made under section 12, a security of the bridge bank mentioned in section 12(1),

(c)where the instrument within subsection (3)(a), or the original instrument, is made under section 12ZA, a security of the asset management vehicle mentioned in section 12ZA(1).

(3C)In subsection (3B) references to the original instrument are—

(a)in relation to an instrument within subsection (3)(b), the original instrument referred to in that paragraph,

(b)in relation to an instrument within subsection (3)(c), the original instrument as defined in section 43(1),

(c)in relation to an instrument with subsection (3)(d), the original instrument as defined in section 44D(1).]

(4)Where securities of the bridge bank [F3or asset management vehicle] (“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 [F412(1A) and 12ZA(2)]) as being wholly owned by the Bank of England, as long as the Bank of England [F5is entitled to exercise, or control the exercise of, voting rights in respect of] all the ordinary shares issued by B.]

Yn ôl i’r brig

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 Part

The Whole Part 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 Part as a PDF

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

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan 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?