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Banking Act 2009
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Changes over time for: Section 44B
Version Superseded: 16/12/2016
Alternative versions:
- 31/12/2014- Amendment
- 01/01/2015- Amendment
- 06/07/2016
Point in time - 16/12/2016- Amendment
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Point in time view as at 06/07/2016. This version of this provision has been superseded.
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[F144BProperty transfer instruments: special bail-in provisionU.K.
This section has no associated Explanatory Notes
(1)A property transfer instrument under section [F211(2), 12(2), 12ZA(3)] or 41A(2), or an associated supplemental property transfer instrument, may make special bail-in provision with respect to the bank (see section 48B).
(2)The reference in subsection (1) to an “associated” supplemental property transfer instrument is to a supplemental property transfer instrument in relation to which the original instrument (as defined in section 42(1)) is a property transfer instrument under section [F311(2), 12(2), 12ZA(3)] or 41A(2).
(3)In the case of a property transfer instrument under section 12(2), [F4or 12ZA(3),] or a supplemental property transfer instrument in relation to which the original instrument is a property transfer instrument under section 12(2), [F4or 12ZA(3),] the power under subsection (1) to make the provision described in section 48B(1)(b) (see also rule 3(a) and (b) of section 48B(5)) includes power to make provision replacing a liability (of any form) of the bank mentioned in subsection (1) with a security (of any form or class) [F5of the bank or] of the bridge bank mentioned in section 12(1) [F6or the asset management vehicle mentioned in section 12ZA(1) (as the case may be)].
(4)Where securities of the bridge bank (“B”) are, as a result of subsection (3), held by a person other than the Bank of England, that does not prevent B from being regarded for the purposes of this Part (see particularly section [F712(1A) and 12ZA(2)]) as being wholly owned by the Bank of England, as long as the Bank of England [F8is entitled to exercise, or control the exercise of, voting rights in respect of] all the ordinary shares issued by B.]
Textual Amendments
F1Ss. 44A-44C inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 5(3); S.I. 2014/3160, art. 2(1)(b)
F2Words in s. 44B(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(2)
F3Words in s. 44B(2) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(3)
F4Words in s. 44B(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(4)(a)
F5Words in s. 44B(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(4)(b)
F6Words in s. 44B(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(4)(c)
F7Words in s. 44B(4) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(5)(a)
F8Words in s. 44B(4) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 46(5)(b)
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