Part 1Special Resolution Regime
Introduction
I2I12Interpretation: “bank”
1
In this Part “bank” means a UK institution which has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 and any order under section 22).
2
But “bank” does not include—
a
a building society (within the meaning of section 119 of the Building Societies Act 1986),
b
a credit union within the meaning of section 31 of the Credit Unions Act 1979, or
c
any other class of institution excluded by an order made by the Treasury.
3
In subsection (1) “UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom.
4
Where a stabilisation power is exercised in respect of a bank, it does not cease to be a bank for the purposes of this Part if it later loses the permission referred to in subsection (1).
5
An order under subsection (2)(c)—
a
shall be made by statutory instrument, and
b
may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
6
Section 84 applies this Part to building societies with modifications.
7
Section 89 allows the application of this Part to credit unions.