C2C1C3C4C5Part 3Bank Administration
Pt. 3 modified (21.2.2009) by The Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312), regs. 1(1), 2-4, Sch.
Pt. 3 applied (with modifications) by Building Societies Act 1986 (c. 53), s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)
Pt. 3 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 Pts. 1, 3 (as amended (7.4.2010) by S.I. 2010/1189, arts. 1(2), 2)
Pt. 3 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 2 para. 6 (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 198(q)(ii) (with Sch. 2 para. 213))
Introduction
I1139Objective 1: duration
1
Objective 1 ceases if the Bank of England notifies the bank administrator that the residual bank is no longer required in connection with the private sector purchaser or bridge bank.
2
A bank administrator who thinks that Objective 1 is no longer required may apply to the court for directions under paragraph 63 of Schedule B1 to the Insolvency Act 1986 (applied by section 145 below); and the court may direct the Bank of England to consider whether to give notice under subsection (1) above.
3
If immediately upon the making of a bank administration order the Bank of England thinks that the residual bank is not required in connection with the private sector purchaser or bridge bank, the Bank of England may give a notice under subsection (1).
4
A notice under subsection (1) is referred to in this Part as an “Objective 1 Achievement Notice”.
Pt. 3 modified (21.2.2009) by Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313), regs. 1(1), 2, 3, Sch. 1