The Bank must make arrangements to ensure that the discharge of its resolution functions (as defined by section 7D(10)) is operationally independent of the discharge of its functions as the PRA.

The Bank must prepare and issue a statement of its arrangements under subsection (1).

If there are material changes to the arrangements, it must prepare and issue a revised statement.

The Bank must consult the Treasury before issuing a statement under subsection (2) or a revised statement under subsection (3).

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