C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F6Chapter 3 Special resolution action

Annotations:
Amendments (Textual)
F6

Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7

F1Bail-in option

Annotations:
Amendments (Textual)
F1

Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)

48NDirectors F3and senior managers

1

A resolution instrument may enable the Bank of England—

a

to remove a director F4or senior manager of a specified bank;

b

to vary the service contract of a director F4or senior manager of a specified bank;

c

to terminate the service contract of a director F4or senior manager of a specified bank;

d

to appoint a director F4or senior manager of a specified bank.

2

Subsection (1) also applies to a director F5or senior manager of any undertaking which is a banking group company in respect of a specified bank.

3

Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.

F24

In this section “senior manager” means a person who—

a

exercises executive functions within a specified bank or banking group company, and

b

is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.