55 Resolution instruments: directors and senior managers
1 Section 48N (directors) is amended as follows.
2 In subsections (1) and (2), after “a director”, in each place it occurs, insert “or senior manager”.
3 After subsection (3) insert—

“4 In this section “senior manager” means a person who—
(a) exercises executive functions within a specified bank or banking group company, and
(b) is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.”

.
4 Accordingly, in the heading, after “Directors” insert “and senior managers”.