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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018
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Modified application of company law to banks etc in resolution
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Memorandwm Esboniadol
108.—(1) Article 216 (interpretation of Part 17) is amended as follows.
(2) In paragraph (1)—
(a)after “In this Part—” insert—
““applying the public equity support tool” means participating in the recapitalisation of an institution or an entity by providing capital to the institution or entity in exchange for Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments;
“Common Equity Tier 1 instruments”, “Additional Tier 1 instruments” and “Tier 2 instruments” have the meanings given in section 3(1) of the Banking Act 2009;”.
(b)in the definition of “the use of resolution tools, powers and mechanisms” for paragraph (c) substitute—
“(c)the exercise by the Treasury of its powers under section 228 of the Banking Act 2009, subject to the requirements of the capital requirements regulation, where the Treasury is applying the public equity support tool; and”.
(3) Omit paragraph (2).
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