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Banking Act 2009
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Changes over time for: Section 7A
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Banking Act 2009, Section 7A is up to date with all changes known to be in force on or before 12 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.
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(8A) (8B) inserted by 2012 c. 21 s. 96(3)
- s. 8(2)(d) and word inserted by 2012 c. 21 s. 96(4)(b)
[F17A.Effect on other group members, financial stability in [F2UK] etcU.K.
This section has no associated Explanatory Notes
(1)Where the Bank of England is considering the imposition of a requirement under section 3A(2), [F3(4), (4B)(b),] (5) or (6), the Bank must consult the PRA and the FCA, and have regard to the potential impact of the requirement on—
(a)the institution in question,
(b)the market for financial services within the [F4United Kingdom], and
(c)the financial stability of the [F5United Kingdom].
[F6(1A)Subsection (1) does not apply in relation to a requirement under section 3A(4) for a person to maintain (but not issue) a particular kind of bail-in liability.]
(2)Where the Bank of England is considering the exercise of a stabilisation power in respect of a bank which is a member of a group, the Bank must have regard to—
(a)the need to minimise the effect of the exercise of the power on other undertakings in the same group,
(b)the need to minimise any adverse effects on the financial stability of the [F7United Kingdom], and
(c)the potential effect of the exercise of the power on the financial stability of [F8countries other than the United Kingdom] (particularly those F9... countries in which any member of that group is operating).
(3)In this section “group” has the meaning given by section 474 of the Companies Act 2006.]
Textual Amendments
F1S. 7A inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 13
F2Word in s. 7A heading substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(2); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in s. 7A(1) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(2)(a), 86(3); S.I. 2023/779, reg. 4(ww)
F4Words in s. 7A(1)(b) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in s. 7A(1)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
F6S. 7A(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(2)(b), 86(3); S.I. 2023/779, reg. 4(ww)
F7Words in s. 7A(2)(b) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in s. 7A(2)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(4)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)
F9Word in s. 7A(2)(c) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(4)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)
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