Valid from 08/06/2010
(1)In the case of resolution plans required to be prepared by general rules, the Authority must consult—
(a)the Treasury, and
(b)the Bank of England (“the Bank”),
about the adequacy of the plans so far as relating to any matter which may be relevant to the exercise by the Treasury or the Bank of any power under Part 1, 2 or 3 of the Banking Act 2009.
(2)After being consulted under subsection (1)—
(a)the Treasury or the Bank may notify the Authority that, in the opinion of the Treasury or the Bank, a resolution plan fails to make satisfactory provision in relation to any such matter; and
(b)if the Treasury or the Bank give a notification under paragraph (a), the Treasury or the Bank must give reasons for being of that opinion to the Authority.
(3)The Authority must have regard to any notification given under paragraph (a) of subsection (2) before considering whether any resolution plan makes satisfactory provision in relation to any such matter.
(4)If—
(a)a notification is given under that paragraph, but
(b)the Authority is nonetheless of the opinion that the resolution plan makes satisfactory provision in relation to any such matter,
the Authority must give reasons for being of that opinion to the person who gave the notification.]
Textual Amendments
F1Ss. 139B-139F inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 7(1), 26(2)(b)