Valid from 21/02/2009
(1)This section sets out the special resolution objectives.
(2)The relevant authorities shall have regard to the special resolution objectives in using, or considering the use of—
(a)the stabilisation powers,
(b)the bank insolvency procedure, or
(c)the bank administration procedure.
(3)For the purpose of this section the relevant authorities are—
(a)the Treasury,
(b)the FSA, and
(c)the Bank of England.
(4)Objective 1 is to protect and enhance the stability of the financial systems of the United Kingdom.
(5)Objective 2 is to protect and enhance public confidence in the stability of the banking systems of the United Kingdom.
(6)Objective 3 is to protect depositors.
(7)Objective 4 is to protect public funds.
(8)Objective 5 is to avoid interfering with property rights in contravention of a Convention right (within the meaning of the Human Rights Act 1998).
(9)In subsection (4), the reference to the stability of the financial systems of the United Kingdom includes, in particular, a reference to the continuity of banking services.
(10)The order in which the objectives are listed in this section is not significant; they are to be balanced as appropriate in each case.