PART 2Amendment of Primary Legislation made under the European Communities Act 1972

CHAPTER 2Amendment of the Banking Act 2009

Resolution of UK branches of third-country institutions24.

In section 89JA (resolution of UK branches of third-country institutions)14—

(a)

in subsection (8), in substituted section 48B(10)—

(i)

after paragraph (e) insert—

“(ea)

liabilities with a remaining maturity of less than 7 days owed by the relevant institution to a recognised central counterparty, an EEA central counterparty or a third country central counterparty;”;

(ii)

after paragraph (i) insert—

“(j)

liabilities owed by the relevant institution to another institution or a banking group company which (in either case)—

(i)

is part of the same resolution group as the relevant institution, and

(ii)

is not itself a resolution entity,

where the liabilities do not rank below ordinary non-preferential debts under the hierarchy of claims in normal insolvency proceedings.”;

(b)

in the same subsection in substituted section 48B(12) for “eligible” in both places it occurs substitute “bail-in”;

(c)

in the same subsection in substituted section 48B(13)—

(i)

for “an eligible liability” in each place it occurs substitute “a bail-in liability”;

(ii)

for “the eligible liabilities” substitute “the bail-in liabilities”.