C2C1Part 3Bank Administration
Annotations:
Modifications etc. (not altering text)
Miscellaneous
I1C2C1157C2C1Other processes
1
Before exercising an insolvency power in respect of a residual bank the FSA must give notice to the Bank of England, which may participate in any proceedings arising out of the exercise of the power.
2
In subsection (1)—
a
“residual bank” means a bank all or part of whose business has been transferred to a commercial purchaser in accordance with section 11 or to a bridge bank in accordance with section 12, and
b
“insolvency power” means—
i
section 359 of the Financial Services and Markets Act 2000 (application for administration order), and
ii
section 367 of that Act (winding-up petition).
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