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The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 319
- Regulation 5
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There are currently no known outstanding effects for the The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009, Section 5.
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Mandatory provisions – assessment of insolvency treatmentU.K.
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5.—(1) A third party compensation order in relation to a partial property transfer must include the following provisions (subject to any necessary modifications).
(2) The independent valuer must assess the treatment (“the insolvency treatment”) which [F1relevant persons] would have received had the banking institution in relation to which or in connection with which the partial property transfer has been made entered insolvency M1 immediately before the relevant time.
(3) The independent valuer must assess the treatment (“the actual treatment”) which [F1relevant persons] have received, are receiving or are likely to receive (as specified in the order) if no (or no further) compensation is paid.
(4) If the independent valuer considers that, in relation to any [F2relevant person], the actual treatment assessed under paragraph (3) is less favourable than the insolvency treatment assessed under paragraph (2), the independent valuer must determine that compensation be paid to that [F2relevant person].
(5) The amount of compensation payable by virtue of paragraph (4) must be determined by the independent valuer by reference to the difference in treatment assessed under paragraph (4) and on the basis of the fair and equitable value of that difference in treatment.
Textual Amendments
F1Words in reg. 5(2)(3) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(5)(a)
F2Words in reg. 5(4) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(5)(b)
Marginal Citations
M1See section 60(3)(c) of the Act.
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