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The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (revoked) No. 1350
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97. A term meets the requirements of this regulation where all creditors or parties to the agreement creating the liability—
(a)recognise that the liability may be subject to the exercise of a power by the Bank of England to make special bail-in provision or mandatory reduction provision; and
(b)agree to be bound by any reduction of the principal or outstanding amount due or by any conversion or cancellation effected by the exercise of that power.
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